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February 21, 2021, 10:49:59 PM |
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What frustrates me around some of this is the way smaller scale retail investors are being partially or fully blocked by their banks from transacting in crypto. Whilst it can be argued some of this is for good reasons (e.g. stopping credit card transactions to protect the consumer from unsustainable debt) the fact some are seeing standard bank and debit card transfers being blocked to me isn't fair. As usual, it stinks of try to stop the average person from being in on the game, however those with money and financial teams to help them can apparently buy huge sums of crypto without issue.
Yes I know there are ways to circumvent the banks, however perhaps with credit card transactions aside, there should be no blocks to smaller retail consumers investing in crypto if they so wish. We could go from a scenario in which Bitcoin was still a viable investment for smaller investors but blocked and/or illegal to trade in, to a scenario where banks and countries gradually accept crypto transactions but by then Bitcoin could be an unviable investment for smaller investors e.g. if it continues to increase rapidly in value. Although none of us have a crystal ball, a year from now Bitcoin might be sitting at $200k, so even a $1k investment will only get you 0.005 Bitcoin.
Not sure if my post entirely makes sense, in a nutshell I'm saying traditional banks and countries have tried to stop investment in Bitcoin, however if sufficient numbers of legitimate big players invest they might change their tune, but by then the boat has largely passed for the smaller investor. Unless there were significant dips thereafter during which the smaller investor could get in, there's little point, unless you have quite significant sums to pump in.
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