Bloomberg reports Bitcoin Ban Expands Across Credit Cards as Big U.S. Banks Recoil.
JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. said they’re halting purchases of Bitcoin and other cryptocurrencies on their credit cards. JPMorgan, enacting the ban Saturday, doesn’t want the credit risk associated with the transactions, company spokeswoman Mary Jane Rogers said.
Bank of America started declining credit card transactions with known crypto exchanges on Friday. The policy applies to all personal and business credit cards, according to a memo. It doesn’t affect debit cards, said company spokeswoman Betty Riess.
And late Friday, Citigroup said it too will halt purchases of cryptocurrencies on its credit cards. “We will continue to review our policy as this market evolves,” company spokeswoman Jennifer Bombardier said.
This makes perfect sense to me.
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Obviously, if people really want to buy bitcoin (or stocks or commodities) with their credit card, they can take a cash advance, and put that into an appropriate account, and make the purchase. Thus, it doesn’t prevent people from being stupid, it just makes it take one more step.
This seems entirely appropriate to me. I’m pretty sure that you can’t buy stocks or commodities with your credit card, either.
Aw, geesh, This has already been decided. Bernanke already said “Gold is not Money”. What part of that don’t yall understand. Here’s the link to Ron Paul questioning Bernanke, where he gives the definitive answer. Link: https://www.youtube.com/watch?v=NQc8iPxG8v4
You’re right its not electronic money it’s electronic barter, there is no money without a stable rate of exchange. Barter is of course more chaotic.
I do not know what the alternative is, nor does anyone else. More importantly, no one knows when. But it is foolish to presume it’s now, and even more foolish to presume bitcoin is the winner. Bitcoin has horrible characteristics.
Just because something supports your beliefs, biases, or self interest does not mean it makes sense. Anyone that uses proven criminals, as these banksters certain are (including laundering money for drug cartels and terrorist groups), to justify a position is proof of desperation.
What is it about cryptos that causes you to cast logic aside? Again I ask, what is the alternative when the current system implodes?
Citi wrote a bill, which JPMorgan’s Jamie Dimon heavily lobbied congress to pass, which put the tax payers on the hook for banks with huge derivatives exposure.
“Three credit card companies banned cryptocurrency purchases on Friday and Saturday. They do not want the risk.” Yet they would lend to any home buyer who could fog a mirror during the housing bubble.
I suppose they are concerned with speculative risk. Worried that the borrower is unlikely to pay it back if they lose big.
The same line of reasoning banks are using to deny credit for Bitcoin purchases can be applied to ANY purchase. A credit contraction for buying stocks on margin would destabilize markets; however, continuing to supply credit is destabilizing markets. This is a shift to more risk aversion, which is what truly stabilizes a market.
“This makes perfect sense to me.”: Don’t see how it makes sense (so long the purchased cryptocurrency isn’t used to secure the debt). ???
https://arizonadailyindependent.com/2017/05/23/signed-by-the-governor-arizona-law-treats-gold-and-silver-as-money/
How dare somebody come between a bank and their profits.
Credit card companies won’t accept charges from certain online poker sites – cryptocurrencies are similarly a form of gambling.