Cryptocurrency has had a tumultuous 2018, yet remains one of the most marketed areas of business. Bloggers and YouTube personalities that specialize in financial content have jumped on the crypto-wave in droves, allowing plenty to make lots of money along the way. However, Google’s updated terms will create new variables that today’s content marketer needs to be aware of. The most notable change is Google's cryptocurrency ad ban, effective in June.
The company’s ad director, Scott Spencer went on record that the company has “seen enough consumer harm” to be wary of the currency for the time being.
He didn’t rule out a change in the terms at a later date but said the company is exercising extreme caution moving forward.
This comes on the heels of Facebook also banning cryptocurrency advertising earlier this year.
It’s clear that investors are taking a wait and see approach in the midst of a shaky time for cryptocurrency. Bitcoin reached highs close to $20,000 recently, but very quickly tumbled, and now struggles to stay above the $9,000 mark.
Google’s ban will have an immediate effect since its SEO algorithms and reach make it the largest advertising platform in the world. This ban will also extend to YouTube, which is the number 2 search engine in the world. The ban includes advertising relating to ICOs, cryptowallets and even advice related to cryptocurrency investing.
The effects hit cryptocurrency investors and startups alike. Offering ICOs has become a go-to way for startups to raise funds for their software platforms, and without the advertising platform, they’ll need to find other avenues.
While cryptocurrency started as an underground currency and skyrocketed to mainstream consciousness as a tool for financial fulfillment, it’s very possible that recent developments will be a driving force for these coins to retain some of the “underground” appeal.
Many in the gambling industry are bullish on crypto, as Dragon Inc. specifically is making moves toward funding its casinos in Macau. The company offered an ICO and is embracing blockchain to streamline high-stakes bets and transactions throughout its various properties.
Meanwhile, giants like Walmart (WMT) are beginning to experiment with blockchain technology. The company’s grocery service is expected to reach 40% of households before the end of the year. It’s clear that they’re setting their sights on this part of the market to make a run at Amazon (AMZ), who recently acquired Whole Foods.
So as you can see, the market of cryptocurrency might have hit a pause period, but remains valuable. This means that marketing cryptocurrency still remains valuable.
You’ll need to embrace new platforms and strategies to reach your audience.
Instagram is fertile ground for your cryptocurrency ads. You’ll join more than 1 million advertisers that have benefited from the platform. There are also plenty of ICO calendars you can register for. They allow you to reach your targeted audience and get a better ROI in the process.
Bottom line, though Google banning cryptocurrency ads is a huge blow, the game is far from over. These sorts of limitations happen historically, and marketers are always able to adapt and adjust. Use this information. Keep up with the news so that you’re able to adjust for the betterment of your content marketing needs.
