Are banks finally acknowledging cryptocurrency's legitimacy?

in #bitcoin3 years ago (edited)

It seems that banks are admitting cryptocurrency is a legitimate form of money...

Recently, banks across North America began cracking down on credit card purchases of cryptocurrency. Interestingly, a number of banks have decided to charge a "cash advance" fee on any cryptocurrency purchases using credit cards. The problem with this being, in addition to having to pay yet another fee, cash advances on credit cards immediately charge interest, whereas purchases of goods or services with credit cards do not begin charging interest until the 30 day grace period ends.

The inadvertent message here presented by banks is that cryptocurrency is, indeed, money. If not, how could this be considered a cash advance?

It's an interesting twist in the recent progression of banks handling of the elephant in the room - that is, how a bank should effectively deal with cryptocurrency honing in on their territory.

An internal report from JP Morgan, written on February 8, was leaked, admitting that cryptocurrencies are "unlikely to disappear", presenting a significant problem for a company whose CEO, Jamie Dimon, had recently called Bitcoin a fraud ( The report was unintentionally bullish, pointing out the long-term and dramatic impact cryptocurrencies will likely have on the market. The report points out that cryptocurrencies will likely become important in global exchanges of value and particularly with innovations in the Internet of things, where blockchain technology could be used as the backbone of value transaction and smart contract execution.

Cryptocurrency is gaining legitimacy at a rapid pace. Don't let the suppressed prices and swirling bad news dissuade you. There could be significant manipulation happening in the market to suppress prices and discourage investors.

In other words, HODL!

*This is not professional trading advice - it's just my opinion!

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I saw this in my feed after I literally just got off the phone with Bank Of America because I was trying to make a bitcoin purchase with my credit card. The customer service rep informed me that they are not allowing cryptocurrency purchases with credit cards at this time. Interesting...

I like your point of view! If charging a cash advance fee for buying crypto it does imply that it is cash! Check, your move Jamie Dimon!

Thanks, @stwbll. I believe they're staving off the inevitable while slowly accumulating at suppressed prices, created by FUD. I suspect Dimon accumulated bitcoin soon after declaring it a fraud and thereby bought it at a discount.

Banks are all about manipulation, so it wouldn’t surprise me one bit! Whenever I see a huge increase in volume on the charts while the price is down it akways makes me wonder which whale or institution is buying in!

Coins mentioned in post:

CoinPrice (USD)📉 24h📉 7d
BCHBitcoin Cash1223.560$-10.42%-2.43%

Good post. I'll be visiting family today and will take this article with me in the back of my mind as one explanation of why cryptos are 'so low' (ugh, people believe everything the mainstream media tell them). Thanks!

@hatsekidee, I'm honoured to be a part of your family visit. Say hi to everyone for me!

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