Banks Really Hate Competition!

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.