JPMorgan Chase, Bank of America and Citigroup, the largest US banks, have banned their clients from buying any cryptocurrency with their credit cards. The ban entered into force on 3 February. At the same time, the English Lloyds Banking Group has also officially announced that it has cut off its 9 million customers from buying Bitcoin. This is the first such case in the UK. However, these regulations do not apply to debit cards. The banks fear that their customers could buy cryptocurrencies on credit, and then they will not be able to return the loans back. By "protecting" the clients from risky investments like these the price is bound to fall, as the newcomers lose trust and money in Bitcoin.
After the recent "market crash" many people are wondering is this the end of Bitcoin? As more institutions will enter the game, more regulations are going to be put into force. This shows that banks and governments are starting to take the cryptomarket seriously. If you truly believe in this technology market swings like this should not discourage you from keeping your money on the blockchain. Just remember that last year the price of Bitcoin was around 1000$. A strong correction like this is not only bound to happen but it is actually healthy.
Bitcoin hasn't reached its bottom yet and will drop below 5K. It's nothing new and was predicted long time ago. As well as the reaction of banks and regulators. The funny part is, how everybody is screaming like a pig: "This is the end! This is the end". Bitch Please. Right now, we've literally made couple of miles from the starting point. And if you think that the road ahead of us is silky smooth, you are very much mistaken. There is no road, we are making it right now. Yes, we hit a speed bump. So what? Abandon ship? Nope. Buckle up buckaroos! Bitcoin will rise again and will hit 50K mark. Easy peasy.
They already got too late to stop the ball from rolling. Just going to slow it down a bit but still won’t be able to stop it. 2018 definitely would be an interesting crypto year.
I agree!
I can buy all the alcohol and tobacco I want with a credit card but not crypto. Who exactly are they “protecting”?
So strange times we are living! I'll love to have the power of see the future