Many different credit card companies have recently banned the purchase of cryptocurrency due to risk in the markets.
“At this time, we are not processing cryptocurrency purchases using credit cards, due to the volatility and risk involved,” a Chase spokesperson told CNBC. “We will review the issue as the market evolves.”
Meanwhile, the company just simultaneously announced that they will be allowing gambling and horse racing bets through their credit cards.
It seems that credit card companies and banks may be more interested in preventing people from using a competing technology than they are with people losing money, since they are now literally allowing gambling. It also seems that they had help from politicians to put this through
Alex Waldrop, President and Chief Executive Officer of The National Thoroughbred Racing Association, told reporters that this is a huge win for his industry.
“This is a major victory for our industry and one that would not have come about without the efforts of Rep. Andy Barr (R-KY) and his staff,” Waldrop said.
“I am delighted that this latest move by Chase will have a positive economic impact on Thoroughbred racing and breeding in Kentucky and across the nation. I have appreciated working with the NTRA and Chase to make this development possible and look forward to continuing our efforts on behalf of Kentucky's signature equine industry,” Andy Barr said in a statement.
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See how absurd it is? Logically speaking there's a huge chance of losing money either way but isn't it stupid knowing that they support Gambling although in their existing Law, it's legal, it is deemed illegal on other countries. I wouldn't wonder if next time, marijuana can already be purchased via credit card.
I am actually a legal medical marijuana card holder and they dont accept credit card, cash only, but that is not by choice, that is required by law.
I don't mean to offend anyone. This is just plainly my opinion about the issue stated above and about their action. What's legal and illegal is being determined by existing law and because Gambling and Horse Raining might be legal in the US that's why those institution allows citizen to transact using their card yet refuse to allow them to purchase cryptocurrency for what reason? That they might not be able to pay for the borrowed amount for cryptocurrency is so volatile but that also applies to gambling I guess.
Personally, I think crypto and gambling should be treated the same way and it does seem absurd banning one and then simultaneously allowing another. You can't use a credit card at a casino so I don't know why it should be different if you're doing it online. You also can't use a credit card to buy stocks, so I agree with the decision to limit crypto purchases to debit or cash advance equivalent. It definitely limits some of the money that can get into crypto in the short term but is probably not a bad thing long term. Resteemed.
In my opinion is that banks are trying to slow down their inevitable doom. The irony is laughable that they would allow credit cards to be used for horse racing and not buying crypto currency. I wonder what kind of impact this will have over the long term on new money coming into crypto. I had to buy using my bank account for the first time. This was last week and I’m still waiting for my purchase to go through. UGH.
yeah they are trying to slow down their demise its great but also frustrating you need a bank to buy crypto unless your are near a bitcoin ATM
lol, the hypocrisy
If people want to take risks they should be allowed too, I don't like how gambling is banned in some places of america in the Uk it's allowed everywhere. I'm not much of a gambler but I do think you should be allowed to do it if you want to.
The credit card thing is just..more infringements on our rights to buy what we please with the credit so kindly given to us by corporate banksters, all of which would love to see crypto crash & burn..
I have always said their slogan Should be. Chase your money away lol but yeah they are Hippocrates I have been with a credit union 90% of my life and the one time I had a major bank all I did was chase my money away
The next thing you know the credit houses will lobby congress to change the vice laws so that it's legal to purchase sex with hooker with a credit card
They probably figured it would crash fiat faster and faster. Imagine the money pouring in. There is already alot of credit debt. Some people get in credit debt and "forget about it" for life.
This is crazy, as the currency wars seem to keep on and on, but fiat hasn't change much, devalues year after year, if it's controlled, if not, like some countries it's crashing hard...
Thanks for sharing !
Nic post.
The credit card thing It’s kind of both sided. I called Chase to ask why all of the sudden my purchase on Coinbase is denied. They told me it’s Coinbase who switched charging credit card from credit to cash. The credit company doesn’t allow it. So I guess it’s coinbase related issue. But who knows anyway.
Shows you that what is really happening is that the elites are targeting crypto.
that is quite absurd the fact that chase bank is doing credit cards for gambling sporting events shows luck of morality in the banking system.
Well that’s no surprise. If you invest in bitcoin using your credit card, when it finally pays, you’ll be paying your credit card debt and then some. They don’t want you paying off your debt.