J.P. Morgan Chase has put a ban on buying cryptocurrency with their credit cards. A spokesman from J.P. Morgan Chase said quote,
"At this time, we are not processing cryptocurrency purchases using credit cards, due to the volatility and risk involved. We will review the issue as the market evolves.".
This is definitely a major blow to the cryptocurrency community, as most cryptocurrency holders buy cryptocurrency with a credit card. That's how the majority of holders start, with a credit card from mining to buying from an exchange to buying into an ICO most all transactions start with a credit card. This significantly reduces the pool of investors of cryptocurrency, fewer people have access to cryptocurrency. Ultimately limiting cryptocurrency’s growth. The suspected reasons for this ban is the recent decline in Bitcoins price.
J.P. Morgan Chase is not the only bank to pull the trigger on cryptocurrency. In the wake of falling cryptocurrency prices, recent scams (Bitconnect), and just all-around rise. Bank of America and Citigroup had publicly announced they are reviewing their policies on credit card purchases of cryptocurrencies. With a high chance of following in the footsteps of J.P. Morgan Chase.
