The relationship between Google and cryptocurrencies, especially Bitcoin, has not been so good in the past. However, recent events have made the situation a whole lot worse.
Previously, the search giant Google had banned all cryptocurrency and Bitcoin-related ads. As a result, this move led to a huge drop in Bitcoin prices. After a three-month block, these ads were then allowed back onto the search platform.
Google Shuts Down YouTube Ads
Now, things have been heating up. Google has taken steps to activate a ‘crypto-purge’ which has seen the search giant remove hundreds of cryptocurrency and Bitcoin-related videos from YouTube. As a result, for those who make and post regular videos about digital currencies and Bitcoin, they feel like they have been unfairly targeted by Google as well as poorly treated.
Interestingly, the recent crypto-purge on YouTube seems to be targeting only the small publishers and channels that have cryptocurrency related videos. At the same time, other bigger news publishers, such as CNBC, have been left unharmed by Google’s recent actions.
Chris Dunn, a YouTuber with more than 210,000 subscribers on his channel, stated that he asked YouTube to give him an explanation through Twitter. He explained that he has been posting on the platform for more than ten years, and he has been building his channel that has already acquired more than 200,000 subscribers and over 7 million views. YouTube removed his videos stating that his videos contained ‘harmful and dangerous content’ as well as the ‘sale of regulated goods.’
Insufficient Explanation by YouTube
So far, the number of videos that YouTube is targeting is amounting to hundreds and this number is increasing rapidly. Some of the YouTubers in the cryptocurrency and Bitcoin industry are planning to challenge the company’s decision.
Ran NeuNer, who is a CryptoTrader show host on CNBC Africa, stated on Twitter that YouTube’s decision to delete crypto content has been a massive blow to the crypto industry. He added that YouTube is the first reliable place where people can find educational videos to learn the basics of cryptocurrencies when entering this space.
Those that were recently impacted by Google’s move feel that YouTube’s reason for the purge, that their content is harmful and dangerous, is simply unacceptable.
What is even more worrying is the fact that Google’s parent company, Alphabet, has not come out to give any explanation to the reasons for the removal of this content.
The founder of Quantum Economics, Mati Greenspan, released a note stating that many people had the first instinct that maybe YouTube was trying to protect its consumers from scams. It did not, however, make sense bearing in mind that both Facebook and Google had a crypto advertising ban that dates back to last year. The ban was reversed after US regulatory clarity found that both Ethereum and Bitcoin are not scams and do not pose any security threat. As a result of the recent crypto-purge, Greenspan has confirmed that he is now boycotting YouTube.
The decision by Google to take down some of the crypto videos has seen many players in the market, suggesting an alternative route to deal with the matter. As Changpeng Zhao, the Binance exchange founder and chief executive said via Twitter, “It may be time the crypto community take a stab at its own blockchain-enabled censorship-resistant social media platform.” The big question is what will happen next?