[2018-06-11] Wells Fargo Is the Latest Bank to Bar Consumers From Buying Bitcoin

[ruthbabe]

America’s third largest bank by assets, Wells Fargo, said Monday that customers will no longer be able to purchase Bitcoin and its ilk using credit cards issued by the firm. The decision follows on similar announcements made by J.P. Morgan, Citi, Bank of America, as banks and payments processors feared that the asset’s wild price swings could cause buyers to renege on payments back to the bank.


More here,  http://fortune.com/2018/06/11/wells-fargo-bitcoin-cryptocurrency-credit-cards/

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[IconFirm]

So, the US banks that make a fortune out of putting people in debt all their lives are suddenly worried their customers will get into debt eh?....

[1Referee]

I love it! It will make Bitcoin only stronger in the end. The less debt is used to enter this market, the less instability there will be in the long term.

Debt is exactly what makes the current financial system rotten to its core, and these financial institutions by doing this are helping everyone to keep Bitcoin's market clean from any sort of poisonous influence. I would advice all financial institutions to follow this path and to prohibit people from spending money they don't have. Let's keep that garbage out of Bitcoin. Thanks.

Another added benefit is that these actions once again show that financial institutions dictate people's lives, and obviously, an opposite reaction will follow.

[alex_gr_cc]

Since Wells Fargo's largest shareholder is Warren Buffett, it's amazing that this bank made this statement not the very first among all banks. I'm surprised that Wells Fargo generally allowed to ever buy bitcoins to the owners of their credit cards.

[BitHodler]

You can't stop people from using their credit card to withdraw a certain amount from an ATM and have it invested in crypto via an alternative route. It only requires one or two extra steps.

It's a desperate attempt to slow down crypto's growth. On the other hand, it might also be that banks do this for themselves. They are late to the party, so they have to sneak their way in without paying top dollar prices.

Banks have never feared to use their central position in the market against the average person. The only thing they care about is boosting their net income to please shareholders.

[XFlowZion]

So, the US banks that make a fortune out of putting people in debt all their lives are suddenly worried their customers will get into debt eh?....

That's really funny bro but it is the truth. These bankers are favoring theirselves again in their battle to kill crypto. There are still many ways to buy crypto and they just help their competitors to increase their users because of what they did.