The price of crypto currency (cryptocurrency) plunge on Thursday (15/3/2018) after Google plans to ban its network used for digital advertising of this asset. Based on price monitoring at Indodax, crypto currency exchange in Indonesia, the price of one chip Bitcoin had touched Rp108, 2 million alias down 19.4 percent from the price 24 hours earlier.
Google in its announcement says it will ban crypto currency ads from June 2018. Matters related to crypto currency are also prohibited. For example ICO (initial coin offerings) aka new coin offerings, crypto currency exchange, wallet service, and crypto currency trading service.
Scott Spencer, Director of Google's Sustainable Ads said, crypto currency is unpredictable and unpredictable to where direction. "But we see the potential danger to consumers, so we are very careful with this," he said as quoted from CNBC.com, Wednesday (14/3/2018).
During this time ICO ads are prone to fraud. One recent fraud case is the prodeum coin offer. The crypto currency site disappeared in late January after collecting billions of dollars in investor funds.
In addition to fraud, this crypto currency project has no guarantee of success. According to Bitcoin.com analysis, the new crypto bidding project in 2017 failed to reach 59 percent.
Because failure varies. Either the project fails, the funds are lost, or the perpetrator disappears. The total loss of investor funds due to various causes is estimated to reach US $ 233 million or approximately Rp3, 1 trillion.
Because of these cases Google prohibits crypto currency advertising. This ban makes the price of Bitcoin and friends worse off.
On Monday (12/3/2018) Bitcoin price had risen touching Rp136 million. But from the beginning of the week to today continues to fall. Announcement of a direct advertising ban plan hit the price of Bitcoin.
Crypto other currencies immediately busy participate plunge the price. Ethereum, Litecoin, Stellar, NXT, Tokenomy, Ripple, and Zcash rush to the plunge. In fact most of the currency plunges up to the 20-percent range.
This step follows Google's decision taken Facebook. Late last January, Facebook also announced banning crypto currency ads.
Rob Leathern, Director of Product Management for Facebook assesses many companies that advertise ICO or crypto currency without good intentions. "We want users to discover and learn products through Facebook without fear of being cheated," he said.
The ban at that time also made the price of Bitcoin and his friends fell sharply. Bitcoin, from the price of Rp156 million fell by one third to touch Rp106 million. Far from the beginning of the year that could boost Bitcoin at Rp255 million.
Google and Facebook are the rulers of the online advertising world. At least, in the US market, 70 percent of the online ad market is dominated by the San Francisco-based company's duo. So, this will narrow the supply of crypto currency in cyberspace.
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