The second largest bank in US, Bank of America has become the Latest Credit Card-Issuer to Ban Bitcoin.
1. Bank of America, the country’s second largest bank, is the latest Bank to give bitcoin a NO No answer despite all the progress bitcoin has made in gaining mainstream recognition over the past 12 months.
2. As of Friday February 2, Bank of America has stopped accepting credit card transactions from cryptocurrency exchanges. While debit cards are believed to be unaffected, customers of exchanges such as Coinbase will no longer be able to purchase crypto with credit card.
3. This decision made by Bank of America and Citigroup, which also announced it would be following suit on Friday, is defensible from a business perspective.
4. From our own understanding, these companies are trying to protect themselves against customers recklessly borrowing to buy bitcoin and then finding themselves unable to pay off their debts should the cryptocurrency plummet in price, as has proven to be the case.
Do you think they are actually acting on the best interest of their customers? Or they are simple hating by pulling thumbs down on crypto? Drop your comments below
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