JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. prohibited the purchase of Bitcoin and other crypto money from their bank credit cards.
South Korea's crypto money market transactions with real people's accounts after the virtual world's most popular way of payment came from the United States.
The largest US financial institutions, JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. prohibited the purchase of Bitcoin and other crypto money from their bank credit cards. JPMorgan spokesman Mary Jane Rogers said that they were taking this decision with the risk that might arise during transfers.
In a statement from Bank of America, it was announced that crypto transfers were stopped on Friday, the application covers all individual and corporate credit cards, but ATM cards will not be affected by the situation.
Citigroup spokesman Jennifer Bombardier said they will continue to monitor their policies, depending on the developments in the market.
Since December 18th, it has lost more than half of its value and has fallen below $ 8,000 for the first time since November. This rapid decline was due to increasing government restrictions, fear of manipulation, and the fact that Facebook would ban crypto money ads.
I kind of see the point of Banks not wanting people to buy Crypto with creditcards. Even though people are responsible for their own pursages, getting yourself in debt with something as volatile as crypto is not a good Idea imo. But banks shouldnt allow people to use creditcards in casino's or to buy lottery tickets either then I guess..
What made bitcoin jump so high was that it was accepted by governments for a while , but as soon as restrictions appeared people started to worry about their cash also businesses which were relaying on it pulled their funds out, because regardless of people belief in it or not, they want liquidity and prohibiting the liquidity of the cash you're buying basically makes it useless and less valuable thus its price going down as you stated, also Facebook restricting crypto money ads just to cut the funding and advertising of the possibilities in the crypto world, it's all manipulations to kill the crypto world and make it more like impossible to reach, but none the less I expect the currencies if left for few more years to evolve and become unstoppable.
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