Is it possible that Twitter and Google banned crypto ads as these social media companies have plans of their own to launch their own coins? Removing crypto-related ads will allow Twitter and Google to highlight their own digital currencies while dismissing others, if indeed they have plans to release their own.
If this theory is correct, there could be an imminent and lengthy fight brewing between cryptocurrency groups from Russia, China, and Korea and large social media companies such as Twitter, Facebook, and Google. In a case that is similar to little David facing off with Goliath, the Russian Association of Crypto-Currency and Block-Finish (RACIB), as well as industry associations in Korea and China, will sue Google, Twitter, Facebook and Yandex due to their refusal to showcase cryptocurrency related ads. The group is planning to file suit this coming May. So far, the social media giants have yet to respond to the group’s announcement.
However, a week after Google posted its ad policies stressing its restriction of crypto-related advertising, Bloomberg released news that Google is indeed currently working on its own blockchain-related technology. Alphabet Inc., Google’s parent company, is apparently working on its very own distributed digital ledger which can be utilized by third parties to post and verify transactions. However, insiders prefer to remain anonymous as they claim that Google is not yet prepared to make any announcement about the technology it is working on. They do reveal that staff from Google’s infrastructure group is involved with ironing out the intricacies of blockchain protocols for the past months.
Considering this new information, it seems Google’s advertising regulations was conveniently created to remove all its would-be competitors so it could have the entire market for itself. The next question would then be, who will be the next social media company to follow suit? It was Zuckerburg’s Facebook which first made the move to ban all advertisements that are cryptocurrency related. After which, Google posted its own restrictions. Then, Jack Dorsey’s Twitter made a similar announcement to ban crypto ads. Do note though that Dorsey has previously and publicly expressed his preference for Bitcoin. He even praised the coin as the “world’s leading currency”. Is Twitter the next to create its own blockchain tech?