Google is a smart company, they are waiting the perfect moment... Maybe they are accumulating :/
They ar elikely making their own. They will realise late that they dont have the first mover advantage. For example see google plus.
Honestly what does Google do is a big puzzle for me. There are surely many people familiar with bitcoin who work there, I'm pretty sure that some of their technical employees also hold some coins. If they wanted, they would already be in, by buying coins, or more probably, some btc startup. They clearly do not do that, which means they either think that btc is not gonna make it (which worries me) or they plan on making their own (at which they will probably fail like many times they did).