War On Cryptocurrencies: Wells Fargo, J.P. Morgan Chase, Bank of America, Citigroup And Capital One Have Banned Their Customers From Buying Bitcoin With Credit Cards
By Michael Snyder
TheEconomicCollapseBlog.com
June 12,2018
A war on cryptocurrencies such as Bitcoin, Ethereum, Ripple and Litecoin has begun, and it threatens to destroy the entire cryptocurrency industry. If you think that I am exaggerating, just keep reading. Government agencies are cracking down hard, Bitcoin traders that don’t file the proper paperwork are being sent to prison, Facebook and other online ad platforms have banned all cryptocurrency advertising, and now major credit card companies are banning their customers from using their credit cards to buy cryptos. What is an industry supposed to do if it can’t advertise and it can’t take credit cards? Such moves would kill virtually any consumer-oriented industry, and right now the cryptocurrency industry is absolutely reeling. If this war on cryptocurrencies continues to intensify, I honestly don’t know how the industry is going to survive.
On Monday, another shot was fired in the war. Wells Fargo formally announced that their customers would no longer be permitted to purchase Bitcoin and other cryptocurrencies with Wells Fargo credit cards…
Wells Fargo customers can no longer buy cryptocurrencies such as bitcoin on their credit cards, the company announced Monday. But they can still buy firearms.
The San Francisco-based bank joined some of its Wall Street peers in banning the purchase of cryptocurrencies on credit cards and said its decision is “in line with the overall industry.”
Of course this follows decisions by virtually all of the other major credit card companies to ban cryptocurrency transactions as well…
J.P. Morgan Chase, Bank of America and Citigroup announced in February they would no longer let customers buy cryptocurrencies using credit cards, and like Wells Fargo cited credit risks and market volatility.
Capital One Financial said it has decided to ban cryptocurrency purchases with its cards, and Discover Financial Services has effectively prohibited cryptocurrency purchases with its credit cards since 2015.
All of these banks are deeply tied in to the existing world order, and obviously the elite have decided that now is the time to make a move against cryptocurrencies.
In the online world, cash and checks are rarely used. And so if people can’t use their credit cards to buy cryptocurrencies, what are they supposed to do?
There is always Paypal and other online platforms, but it is probably only a matter of time before they start banning cryptocurrency transactions as well.
And the same big banks that have already banned credit card transactions could very easily start banning direct bank transfers as well.
The 800 pound gorilla in the room has started to wake up, and that is really, really bad news for the cryptocurrency industry.
It is absolutely absurd for banks to be telling us what we can and cannot buy with our own money, but unless somebody does something they are going to get away with it. A few of them have even started putting restrictions on gun transactions, and they will keep pushing the envelope until they are stopped.
The Rest…HERE
