In a recent edition of NBC’s Squawk Box, Microsoft boss Bill Gates backed up his crypto-hating pals Warren Buffet and Charlie Munger by stating he would “short it”, the “it” being cryptocurrency. Turns out Bill wasn’t joking, and in July his search engine Bing will ban all crypto-related advertisements.
From July this year, Microsoft’s own search engine Bing will join forces with several other high-profile web-based companies in banning cryptocurrency-related advertising. Bing will be following the example already made initially by Facebook in January, then followed by Google in mid-March, with Twitter announcing it had taken similar action soon after.
Bing’s decision was posted on its official blog. Here it is in full:
Bing Ads to disallow cryptocurrency advertising
“We are always evaluating our policies to ensure a safe and engaging experience for our Bing users and the digital advertising ecosystem. Because cryptocurrency and related products are not regulated, we have found them to present a possible elevated risk to our users with the potential for bad actors to participate in predatory behaviors, or otherwise scam consumers.”
“To help protect our users from this risk, we have made the decision to disallow advertising for cryptocurrency, cryptocurrency related products, and un-regulated binary options. Bing Ads will implement this change to our financial product and services policy globally in June, with enforcement rolling out in late June to early July.”
ADVERTISER POLICY MANAGER
Crypto-Industry Planning Counter-Strike
Reportedly, blockchain industry insiders have stated they believe that the major cryptos are not prepared to take such underhanded tactics lying down, and are extremely bullish in their attitude toward revenge. Reports emanating out of major blockchain associations in the US, Europe as well as South Korea, Russia, and China are planning on taking legal action against Google, Twitter, Bing and Facebook, calling what they have done “cartel collusion.”
They will claim that the four biggest forces on line – Google, Facebook, Twitter and Microsoft (Bing) have colluded in an attempt to stifle, even destroy the crypto market. They will also claim the ban will at the least artificially deflate the value of Bitcoin, Dash, Ethereum Litecoin, Ripple and many other cryptocurrencies.
The crypto market is worth around half-a-trillion dollars, with multiple companies worth multi-billions. They will think nothing of hiring the best legal teams money can buy to come at the web’s Big Four. If Facebook, Twitter, Microsoft and Google thought this would be an easy victory, they couldn’t be more wrong.
However, Zuckerberg & Dorsey Back Cryptocurrency
The irony was that the news about Bing banning crypto advertising came at the same time that two of the most powerful and influential individuals on the web both gave digital currency their blessing. Facebook founder Mark Zuckerberg and Twitter co-creator Jack Dorsey both came out with statements stating that they believed in cryptocurrency, despite the anti-crypto stance both of their companies has taken.
Dorsey stated that in his opinion, Bitcoin and other major cryptocurrencies will eventually overtake traditional fiat currencies, possibly with the next ten years. Here’s a snippet of what he said:
“The world ultimately will have a single currency, the Internet will have a single currency, and I personally believe that it will be Bitcoin.”
Mark Zuckerberg recently announced he had put together a Facebook taskforce whose agenda is to study blockchain technology, and decide whether it would be a good idea for Facebook to set up their own crypto:
“Facebook is specifically interested in creating its own digital token, which would allow its more than two billion users to facilitate transactions without government-backed currency.”