Are banks finally acknowledging cryptocurrency's legitimacy?
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 (cointelegraph.com). 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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