It seems as if the mainstream media and "the man" are working together to try and destroy cryptocurrency. The latest story I read came with the headline "Bitcoin Ban expands Across Credit Cards as U.S. Banks Recoil". They really seem to want to continue the selling frenzy.
If you use J.P. Morgan, Citigroup, or Bank of America, you could use your credit card to purchase Bitcoin over the last few years. Unfortunately, that is now coming to a stop.
To add to the onslaught of negative news from the mainstream media and big corporations, some of the biggest banks in the United States have deemed Bitcoin too risky to allow it to be purchased on credit cards. They don't want to get caught up with big price drops and customers with buyer's remorse that bought Bitcoin at a high price.
The good news in all of this is that it is only effecting credit card purchases. Users using their debit cards will still be able to purchase Bitcoin and other cryptocurrency as usual.
Citigroup said that they will continue to monitor their policy as the market evolves.
I can definitely understand why credit card companies would be a bit weary of getting stuck with someone else's crypto bill, or worried that someone might use stolen card info to hoard crypto. It just seems like a wildly odd time for all 3 banks to decide this simultaneously.
I will continue to hold strong and I think that the market will rebound sharply eventually! How about you? What do you think?