Going bust in Vegas is ok but don't buy bitcoin? How rediculous

So Lloyds bank has banned its customers from using credit cards for fear of them building debt that they can't repay! This has to be the single most shocking piece of corporate micro legislation I've witnessed in over 30 years in the financial industry.

Lloyds bank should be reminded that this is a free democracy and not a communist state, and its customers should be free to spend their money as they see fit, providing it is a legal purchase of course. The real responsibility of banks is to properly assess, and set sensible limits on credit cards that relates to income and the ability of customers to service the repayments.

So it's fine to spend £10k on flights to Vegas, front row seats at the MGM grand for a boxing match, followed by two weeks boozing and gambling at the casinos. Unless you were very lucky, you would return home with some great selfies, a few souvenirs and some aches and pains in your kidneys. Oh yes, and one more thing; a 10k debt with no tangible value other than memories.

Of course there will be some unfortunate investors that bought bitcoin up at the highs.But most investors have just seen profits recede dramatically, and this piece of legislation is not helping their cause. The fact remains that if someone invested 10k in coins back in December they would still have an asset worth approximately 4K now. If the same person did the Vegas trip they would have nothing to show for it.

My message to Lloyds would be this: it is your job to set sensible credit limits on our borrowing, not to tell us how we spend our money. The last time I looked we were not a police state. This decision needs to be challenged before big brother becomes too big a bully.