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.
