Is the end near? Banks pulling out, countries changing policies! I decided to investigate for myself.
I am surrounded by posts suggesting Capital One has stopped processing payments into the Crypto market. If you arent familiar with this, here are some links to catch up on the conversation:
The Merkle:
https://themerkle.com/capital-one-refuses-to-let-customers-buy-cryptocurrency-from-any-exchange/
Given the amount of FUD that is being spread, I decided to investigate this myself, starting at the base. I started with Capital One's website and found no official announcement, which is surprising. Why put in place a major policy, when their offices are closed.
So then I set to twitter and found this little thing which is what most people are probably referring to:
Now given that we've verified that this is not FUD, is it cause for worry?
I believe not. Even though Capital One is a large bank, it is the only one to take this action. Generally, such actions are not unilateral. Given that no other banks have followed suit (as of yet), that will leave Capital One customers at a big disadvantage (especially given their focus on younger clientele). For how long will Capital One be able to continue putting its customers at a disadvantage? The outrage is already clearly visible on Twitter.
If other banks put in place similar policies, I will certainly be concerned and implementing my exit strategy.
As of now however, I will continue hodling and taking a day away from crypto to wait and see how the other banks react. If you have not gotten in yet, this is a good buying opportunity (not to go all out, but to get your toes in at a price point approximately a couple of months back).
Good luck traders, would love to hear what you are doing!