This is another blow to cryptocurrency, major banks like Bank of America, Citigroup, JP Morgan, Capital One and Discover are officially ban buying Bitcoin using your Credit Card. The bitcoin is currently trading at $8,467 per coin as of February 4, 2018 compare that to it’s near high $20,000 last December 2017.
“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.” Fortune.com
With more than 50% down from it’s peak trading, many investors are now underwater. I guess this is one of many reasons lenders are taking early action to prevent the worst for their customers.
“Lloyds has banned its nine million credit card customers from buying Bitcoin after the cryptocurrency more than halved its value in just two months. Lloyds, which has 30million customers, is the first British bank to ban Bitcoin.” DailyMail.co.uk
What will happen if the regulators or the government starts their own restrictions, like China and South Korea? One thing for sure, it will drag the value of cryptocurrencies across the board to go down. It’s just a matter of time, we will find out soon.
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