This morning, Lloyds Banking Group announced that it has banned its credit card customers from purchasing Bitcoin.
BBC News, Sky News, The Guardian and many other news outlets broke the news of the Lloyds ban, citing the banks concerns that the massive drop in the value of Bitcoin will leave customers with massive debts
I find this development quite telling, yes, they have indeed snitched on themselves.
How can a company that offers financial products such as mortgages and personal loans, be concerned about the debts of their customers?
If I didn't know any better, I'd say that cryptocurrency is a threat to the fiat status quo, so much so, that possible increases in the value of coins this year and beyond (though not guaranteed), may actually facilitate Lloyds customers paying-off their personal loans, their mortgages etc. and becoming...debt free.
I'm a newbie, but I've sat back and listened to many views in the crypto space, there isn't one hymn sheet, where everyone is harmonising wonderfully. There is, however, a great understanding of the current world financial system and the belief that Bitcoin has created an opportunity to disrupt it, for the benefit of the many.
The most obvious thing about this news is, where one leads the rest will follow, it's just a matter of when.
We may see a massive FOMO in the UK this week, time will tell
