When internet giant Google announced it was to impose a ban on cryptocurrency advertizing, the reactions in the market, without a doubt, were not welcoming. Just 24 hours after the announcement, over $60 billion was lost from the value of crypto, with most altcoins losing about 20%.
But Google’s decision may not be as bad as it looks for the top cryptocurrencies.
Reputation the best form of advertising
When you are famous, you really don’t need to do any further advertising, so it’s possible that the top cryptos will have nothing to worry about. According to Forbes, cryptos like Bitcoin, Ripple, Litecoin, and Ethereum are the big fish that are so well-known and therefore do not need advertising.
Craig Cole of Crypto Maps had the same view that, even though the news of a ban is not welcome, it may turn out to be a positive thing for cryptocurrency. He went on to say the ban will simply make the market robust as well as inhibit scams, which will then ultimately strengthen cryptocurrency.
As per Coinmarketcap, more than 1,560 cryptocurrencies exist today and of course, these are only the ones that the site lists. As the fake coins and scams potentially get weeded out because of Google’s crypto advert ban, the supply of real tokens will more likely be limited as a whole, which should result in a positive effect on the prices of crypto tokens.
The new media sector on a rapid rise
Whenever there are signs of massive interest, things seem to move quicker. That is the case with interest in cryptocurrency which has led to a new online media sector of crypto news websites. These sites are sprouting so quickly that they are outdoing the rate of the new coins.
What it means is that possibly they are the ones that are to benefit from the ads ban and revenue is channeled to outfits that deserve it more, unlike Google or Facebook.
If you are a long term investor you will have no concerns. If you are short term, I can give you no advice, other than short term investers can hope for mediocrity at best, and oblivion at most likely. Great wealth can only be obtained by investing in the future – 2 to 5 years.
— John McAfee (@officialmcafee) March 15, 2018
According to John McAfee, a crypto warlord, he believes in long-term investment over short-term gain, stating that great wealth is obtained by a future investment. He expresses concerns over short-term investments.
Google’s ban is due in four months’ time, which provides a good time for cryptocurrencies to build stronger defenses against cybercriminals, internet monopolies, billionaire banks, mainstream media FUD as well as repressive governments.
It will also give them a reasonable amount of time to win further acceptance from their users.
