REUTERS/Dado Ruvic/Illustration
Its just a matter of time before the banking cartel deploy their offensive on cryptocurrency and that time is now
.The recent Bitcoin crash was partly their bit to shake the crypto upsurge but it wasn't enough as apparently the bigger cause was crypto itself correcting, realigning and readjusting towards its true level.
Knowing this the banks now make its next move...
Major Banks Ban Buying Bitcoin With Your Credit Card
- FortuneMost major U.S. credit card issuers have now banned the use of their cards to buy Bitcoin or other digital currencies, in a move intended to decrease both financial and legal risk.
Bank of America began blocking cryptocurrency purchases on Friday, according to Bloomberg. JPMorgan did the same on Saturday.
Citigroup also says it is halting cryptocurrency purchases on credit, and Capital One and Discover had already enacted their own bans. That means all of the top five credit card issuers have announced or implemented bans.
The moves are above all in the banks’ self-interest. As Fortune previously reported, the mania surrounding cryptocurrency late last year appears to have motivated many retail investors to use credit cards as leveraging tools, buying more cryptocurrency than they could afford. With Bitcoin down roughly 50% from December highs, many of those investors are likely underwater right now, and may not be able to pay off their initial Bitcoin purchases soon, if ever.
Lloyds Bank to ban credit card owners from buying cryptocurrencies
-Reuters(Reuters) - Lloyds Banking Group Plc (LLOY.L) said on Sunday it would ban its credit card customers from buying Bitcoin and other cryptocurrencies.
"Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies,” a company spokeswoman said in an email.
Britain's biggest mortgage lender will ban its credit card customers from buying Bitcoin amid fears that they could run up huge losses, the Telegraph reported earlier on Sunday. http://bit.ly/2nGikQy
The company will block any attempts to buy Bitcoin with a credit card starting on Monday, but digital currencies could be purchased with debit cards, the newspaper said.
I would surely do the same if I were a bank and it would be stupid and suicidal for me to support my nemesis with credit.
When the banks get frightened its time for people to make their move.
That said, imho this' the cue crypto lovers and supporters have been waiting for, and for the rest of the people to start jumping on the wagon...i.e. with fiat cash
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