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RE: Banks Block Customers' Credit Card Purchases of Cryptocurrency
Institute a ban under the guise of fear of consumer debts being too large. Meanwhile the major players accumulate their crypto positions. Makes sense
Here is my point of view.
Banks like J.P Morgan Chase, Bank of America and Citigroup decide they are no longer allowing their customers (card holders)to buy cryptocurrency using credit cards.
This is just another example of the rich controlling what we can do with our money.
Buying cryptocurrency is not illegal but yet they are going to tell you you cant, Really?
Oh but take those same credit cards to any Las Vegas Casino and I am sure you can Max them out without the banks saying anything.
We all need to stand against these controlling hypocritical greedy banks
The Vegas point is spot on. This is nothing more than a draconian ban by the banksters, who themselves needed a taxpayer bailout in 2008. The arrogance and hubris of these motherfuckers is off the charts!
The difference is buying with a credit card is not your money. You are borrowing money to buy, so they are within their rights to refuse. If they stopped you buying with a debit card (your money) that’s a different matter!
I beg to differ, the credit card company keeps the public money in trust and loans it out.
Credit card companies create money in the same way as any other bank in the fiat system by the creation of debt. There is no money in trust. No one invests in a credit card, you borrow. That loan then becomes an asset.
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