For Now Google Overshadows Crypto
Crypto has been facing resistance not only from regulatory authorities, but from private entities as well. One of the most prominent foes in the latter category is Google, Inc. and it may derail crypto from experiencing stellar growth.
Bitcoin has been performing well lately. Bitcoin, which has surged beyond $8,000, even despite some negative commentary, may be in the cusp of the “largest bitcoin bull run in history” according to Mati Gerenspan. Further, Larry Fink, the CEO of Blackrock, recently stated this his company is looking into cryptocurrencies. There is some discussion that a crypto ETF may be underway. Finally, the Financial Stability Board, an international consortium, reported that cryptocurrencies such as Bitcoin “do not pose a material risk to global financial stability at this time.”
Even with all of this positive news, Google’s parent company, Alphabet, is swinging back, so to say. Google has issued news showing that it intends to block all bitcoin and cryptocurrency mining applications from its Play Store. The anti-bitcoin sentiment is nothing new – the company blocked a chrome extension for crypto mining a few months ago. And the company also halted cryptocurrency advertisements, which was apparently aimed at mitigating instances of scams. The halt on advertisements particularly affected Coinbase and Binance.
Before halting cryptocurrency-related advertisements, Scott Spencer, the director of Google’s sustainable ads, reported to NBC:
“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution.”
Google also stated in a blog:
“Starting today, Chrome web Store will no longer accept extensions that mine cryptocurrency. Existing extensions that mine cryptocurrency will be delisted from the Chrome Web Store in late June. Extensions with blockchain-related purposes other than mining will continue to be permitted in the Web Store.”
Many are questioning why Google is halting advertisements and is preventing cryptocurrency mining tools from its Google Play Store. After receiving some backlash, the company released a statement:
“We don’t allow apps that mine cryptocurrency on devices. We permit apps that remotely manage the mining of cryptocurrency.”
The Monday after releasing the statement, Bitcoin’s value decreased by one percent, causing its value to dip to $8,094.82. On Tuesday, its value recovered and increased to $8139.05. This information suggests that even with Google’s position, Bitcoin may be able to survive.
Even though miners are blocked from mining from their mobile devices if they have an Android system, they may be able to bypass this issue by mining remotely – that is to say, using a cloud-based platform.
Further, there are those who are hopeful that Bitcoin may be able to change the current status quo concerning Google’s reign over the technology universe. According to George Gilder, who wrote in his new book, Life After Google: The Fall of Big Data and the Rise of the Blockchain Economy, the tech giant will become a “virtual planetary parallel computer” and Bitcoin miners may overcome Google’s architecture as well.
Gilder also notes that:
“Without prices, all that is left to continue consumption is the scarcity of time. Beyond the scores of hours a week for its smartphone customers, time is closing on Google.”
At this point though, Google is still the tech giant and Bitcoin is overshadowed. However, there is nothing to say that Gilder’s predictions are impossible. To the contrary, they may be very possible.