Bank of America now treats BTC and ETH as Cash

[gokumarket]

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

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[simmonjoshua]

No way. Crypto's are volatile and cannot be treated as safe as cash. This is not possible according to me. Can you please share the link with us of the news here?

[alani123]

The source is a reddit post: https://www.reddit.com/r/CryptoCurrency/comments/hi78v4/cryptocurrency_is_considered_a_cash_equivalent/

It honestly isn't the best type of source to verify a claim. The submission has now been removed by mods. Perhaps it was even a suspected fake.
If true, we shouldn't rush to consider this good news. A probable cause of this decision could be that it was done to deter abuse of card benefits programs. Right now there are some services that allow you to buy crypto with cards without extra cost. This could be used to rack up miles on a bonus program. This was done also when the FED was selling coin stacks for CC payments for free. Banks were quick to catch up of course.

Whether or not considering BTC cash will have any positive effects related to this bank remains to be seen.

[kryptqnick]

The source is a reddit post: https://www.reddit.com/r/CryptoCurrency/comments/hi78v4/cryptocurrency_is_considered_a_cash_equivalent/

It honestly isn't the best type of source to verify a claim. The submission has now been removed by mods. Perhaps it was even a suspected fake.
If true, we shouldn't rush to consider this good news. A probable cause of this decision could be that it was done to deter abuse of card benefits programs. Right now there are some services that allow you to buy crypto with cards without extra cost. This could be used to rack up miles on a bonus program. This was done also when the FED was selling coin stacks for CC payments for free. Banks were quick to catch up of course.

Whether or not considering BTC cash will have any positive effects related to this bank remains to be seen.

What about taxes? If Bitcoin is indeed considered cash, people should only pay the income tax when they get income in BTC, correct? The currently regulations, however, impose additional taxes such as Capital Gains Tax. I can see that low-level news websites already made articles about this information, but it seems that up to now there's only this reddit post you've mentioned as a source. So yeah, probably fake news... And even if the Bank of America wanted to treat cryptos as money, I doubt they are authorized to do so without proper legislation. And only a year ago, they compared cryptos to stocks without allowing purchases of either via their credit cards.

[Finestream]

There is no reliable source so I don't think this is a real news.

Treating as cash? On what measure they'll do for that? Bitcoin will never become a cash because it's so volatile, people can't use it for their daily transactions, unless more business will adopt and use a system to manage the risk of price volatility. For now, it's even treated more like an investment than a payment system or a currency.  

The link from reddit posted by @alani123 was not even a valid source though, this is more like an speculation.

[dothebeats]

I wouldn't believe such news unless it goes on an official blog post or unless the banking officials of the said organization releases an official statement regarding this. Most of us here are expecting for banking entities to at least recognize bitcoin and other cryptocurrencies as equivalent to cash, or at least can be exchanged to cash but so far there isn't really a bank in the world that has continued with this idea. This is too far-fetched on today's times but not impossible, that's for sure.

Also, append a source whenever you try to post such news that might cause a buzz. Anyone can say anything but people won't believe it unless it can be backed up by facts and credible sources.

[Oasisman]

That's obviously fake.
If you have read the taxations on Bitcoin upon Legalizing it
on February 2020 , into several developed countries, It was stated there that Bitcoin is considered as property not a currency.
So, how come the Bank of America changes their mind in this instant after the imposed laws on Bitcoin?

Source : Investopedia
For tax purposes, bitcoins are usually treated as property rather than currency. Bitcoin is generally not considered legal tender. 

[sunsilk]

Put the source on the table.

If this is for real, there's nothing wrong with them treating bitcoin as cash because it's also one of the purposes of why bitcoin was made. But there are also downsides to this. Bitcoin will not be as the same as before, there's already a government interaction that breaks the character of it being a decentralized cryptocurrency.

[Vaculin]

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

I think you are referring to this article.

Bank of America could treat transactions with Bitcoin as cash

just add it in the OP so everyone will see, it's nice if you will put a link of information you shared so we can verify, and so you will not punished by violating the forum rules which is plagiarism.

[KrisAlex18]

Where did you get that information? You have to include the source link whenever you are going to create a topic from other sources, source link will make people believe in this post. Anyway, if this news is true, I don't think that it would be better, bitcoin treated as cash? It's a big no for me because the cryptocurrency has the feature of volatility and its hard for us to make it as a standard currency just like fiat currency or cash. It is better if we just trust cryptocurrency as commodities, it's just an alternative for fiat currency, it is good for online purposes.

What about taxes? If Bitcoin is indeed considered cash, people should only pay the income tax when they get income in BTC, correct? The currently regulations, however, impose additional taxes such as Capital Gains Tax. I can see that low-level news websites already made articles about this information, but it seems that up to now there's only this reddit post you've mentioned as a source. So yeah, probably fake news... And even if the Bank of America wanted to treat cryptos as money, I doubt they are authorized to do so without proper legislation. And only a year ago, they compared cryptos to stocks without allowing purchases of either via their credit cards.

I think if this thing is true, bitcoin or other cryptocurrency will have taxes as well,  the government will not let this kind of cryptocurrency to exempt from being a non tax.

[zenthereum]

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

There are banks in Germany that offer regulated custody services but I'm not sure they treat cryptocurrencies as cash. Banks lately found out that cryptocurrencies have a good chance to become the future of currencies and they are also creating some services that might facilitate trade and investment exposure. Still they don't fundamentaly change their centralized systems towards massive adoption.

[The Cryptovator]

Ridiculous! I don't think this news has backed by any trusted sources. Even OP didn't mentioned any probably source, please use reference when you post something like this, otherwise it would count ZERO value post. However, I don't believe bitcoin, ETH and other crypto-currency will be consider a a cash because of volatility. When a bank statement from US is like this means something big adoption, but fortunately this is just a fake news. Perhaps someone want to create FOMO due to current bitcoin price dump. I can't see any other reason for such as fake news.

[Twentyonepaylots]

The source is a reddit post: https://www.reddit.com/r/CryptoCurrency/comments/hi78v4/cryptocurrency_is_considered_a_cash_equivalent/

The post was deleted by the moderators, they might have been considered that claim as baseless.

It honestly isn't the best type of source to verify a claim. The submission has now been removed by mods. Perhaps it was even a suspected fake.
If true, we shouldn't rush to consider this good news. A probable cause of this decision could be that it was done to deter abuse of card benefits programs. Right now there are some services that allow you to buy crypto with cards without extra cost. This could be used to rack up miles on a bonus program. This was done also when the FED was selling coin stacks for CC payments for free. Banks were quick to catch up of course.

Whether or not considering BTC cash will have any positive effects related to this bank remains to be seen.

Yeah, some people might have just faked it up, it was just a pure assumption. There's no way people would consider spending cryptocurrency because of a single reason and that is volatility, you bought an apple today and you could buy a lambo tomorrow, that's how I picture it out for bitcoin and ethereum. Some utility coins might be used for transaction in daily basis but bitcoin and ethereum? it needs to walk a long mile before reaching it. Talking about using of cryptocurrency, I doubt that most of the government will do this, they have already conducted testing on CBDC.

[Vaculin]

Are you sure that this is not a fake news? Any proofs?

Probably this is the one you are looking,

Bank of America could treat transactions with Bitcoin as cash

OP just failed to add it in the OP, maybe he is very excited to share the story so he forget to add the source.

[sayulita]

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

You haven't mentioned any logical source of this information. If this decision is really taken that BTC and ETH will considered as cash from now will be a great epoc making event for the crypto. There is a question of my mind, how they will claim taxes on the users. How many % of taxes they will implement on income from Bitcoin and Ethereum.

This isn't the news from a reliable source of news and until this news doesn't get posted on an official website or on the Bank of America website as well. Once confirmed then there will be news regarding the amount of taxes collected as well along with other details required. But for now this seems smokes and mirrors and nothing more to me. Also this can be the news of the decade and it can actually act as a source of start of bullish market or else there is an imminent bear market coming in a couple of weeks or in the next month.

[Axelseseclevz]

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

Is it really true? Where did you get this news? Much better if you put here the link about that issue so that it become clear to everyone who will read your topic. Also,i think Bitcoin,Ethereum and other crypto currencies cannot be treat as same as Fiat cash because of it's differences. Crypto are volatile unlike fiat which is stable and how about the transaction fees,i think it become more higher. Then, what happen to the anonymity and confidentiality  of bitcoin users? How the government of US impose taxes?

[charlie137]

as foreign cash, tho https://travelwithgrant.boardingarea.com/2020/04/08/bank-of-america-changes-cryptocurrency-is-cash-advance/

[figmentofmyass]

Is it really true? Where did you get this news?

i haven't seen it confirmed by any reputable news outlets yet. the rumors are based on this letter supposedly received by customers:



either way, this is nothing to get excited about. they are just saying explicitly that cryptocurrency purchases will be treated as cash advances---subject to fees and higher interest rates.

if true, it's probably a preemptive reaction to the recent jpmorgan settlement. the bank agreed to pay out $2.5 million for charging cash advance fees/interest to coinbase buyers without providing them adequate notice. https://www.theblockcrypto.com/linked/67184/jpmorgan-chase-agrees-to-2-5-million-settlement-in-legal-fight-over-crypto-purchase-transaction-fees

[Wexnident]

You should've probably read the comments at the reddit post itself, or at least did a bit of research. A milestone move? More like banks just wanting to milk cash out of people more. There would be no doubt insane amount of transaction fees to be asked, much so that you'd actually question yourself that why am I even buying BTC through this way?. On another hand, even if we do consider BoA accepting crypto due to this, with how they are not really releasing any official statement, it may as well not exist imo. It's like their walking right at the border, so they can change positions quickly enough to prevent any damage caused by either believing or not in crypto.

[Lorence.xD]

You should've probably read the comments at the reddit post itself, or at least did a bit of research. A milestone move? More like banks just wanting to milk cash out of people more. There would be no doubt insane amount of transaction fees to be asked, much so that you'd actually question yourself that why am I even buying BTC through this way?. On another hand, even if we do consider BoA accepting crypto due to this, with how they are not really releasing any official statement, it may as well not exist imo. It's like their walking right at the border, so they can change positions quickly enough to prevent any damage caused by either believing or not in crypto.

If the banks are going to do it then they will never get to the good side of cryptocurrency, there should be a compromise between the banks and crypto holders because whenever the other demands more then the other wouldn't budge. The news might be a fake one plus it came from reddit so there is a chance that it is fake or not.

[btc78]

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

Where did you get this news?why not Put the Link here so we can check and understand what is the real score.

and don't exaggerate because not because there are bank/s that will treat these coins meaning all the Banks in America will do the same.
Remember that there are so many Banks that runs in america and i am sure they have own stands in other matter and they won't just support crypto just like that.

[KonstantinosM]

No! None of this matters!

Banks can't treat bitcoin like cash for the simple reason that they can't perform fractional reserve banking on it and that it's not subject to the same kind of inflation as cash.

Bitcoin is superior so they should treat it as such.

[Negotiation]

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

The milestone may not have anything to do with it but I think Bank of America is now considering BTC and ETH as cash although the crypto economy is improving the United States is generally taking such steps to centralize. Then they will be able to collect taxes from here But they can never break the decentralized crypto.

[Shasha80]

I am not sure that US banks treat Bitcoin and Ethereum as cash, because there is no official news from Bank of America. So don't be too
happy first, this is just a rumor spread by customers. The truth is still questionable. But if it is true that Bank of America treats Bitcoin and
Ethereum as cash, this will certainly be a milestone. Many obstacles if it is true that Bitcoin and Ethereum as cash, such as volatile prices
and tax problems.

[target]

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

I think you are referring to this article.

Bank of America could treat transactions with Bitcoin as cash

just add it in the OP so everyone will see, it's nice if you will put a link of information you shared so we can verify, and so you will not punished by violating the forum rules which is plagiarism.

That crypto news site didn't also put links coming from a banks' announcement or blog either. Probably not true news thus the reason why reddit deleted the thread.

[eaLiTy]

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

When i saw your topic i was curious to know what is going on because ETH is considered as cash which is a complete bullshit in itself if you are aware of it but then alani123 explained where this topic evolved and now that is deleted from reddit itself. Lets be clear if you create a story just for the clicks make sure that it should be believable and if you involve ETH its gone  .

[ukboss]

As i will not believe these sort of announcement in the event that it again continues the official short article or simply except when a business banking officials on the stated provider lets out the official announcement concerning this unique. The majority of us listed below are ready meant for banking choices to help not less than know bitcoin along with cryptocurrencies for the reason that comparable to profit, or possibly no less than is often traded towards capital however , until now there isn't a legitimate loan provider on the planet having persisted with this plan. This really is very far-fetched with present day days however, not hopeless, which is without a doubt.

[figmentofmyass]

A milestone move? More like banks just wanting to milk cash out of people more. There would be no doubt insane amount of transaction fees to be asked, much so that you'd actually question yourself that why am I even buying BTC through this way?

that's easy. FOMO---fear of missing out. people don't care about 5% cash advance fees and 29% interest if they think bitcoin is gonna make them a millionaire inside of a year. that was the psychology in late 2017.

i don't blame the banks in cases like this. customers are borrowing cash (leveraging) to buy risky investments. it's the banks' prerogative to charge them for the privilege, and to hedge against the increases risk of default.

if customers don't like it, they can avoid those fees and interest charges by investing the responsible way like the rest of us---with their own cash.

[Yamifoud]

Trump is against crypto and that simply saying the US considers BTC and ETH as cash, I say I need the real source to read before it was appreciated. I don't see instances that Trump will never look into that despite of the crisis we had fighting because I know that the US government will never give a hundred percent support for crypto.

https://www.investopedia.com/ask/answers/121515/bitcoin-legal-us.asp

However, it is good enough to see how the US foresaw about virtual currencies and so Bitcoin itself. Considering it legal in their place will most likely it giving a way to show a massive adoption as the pandemic isn't over yet.

[Rengga Jati]

When you post a thread like this moreover about a report or news, please put at list a link in order that we can check the truth of the news easily. Well, this leads me to browse to search the source and read the article fully.
It is quite unique to see the development of crypto in this country. First, the country really ignores crypto because it may be considered not worthy enough. Then, They sometimes fight you and make crypto as one of the enemies to be banned. And now, they are going to make crypto as cash? Interesting facts if it si true happening right?

By considering the payment using cryptocurrency as a cash equivalent may be good progress for the crypto world. As we know that so far, there is also bad news about BTC and other cryptos that will be banned in some countries although it is still debatable likely in India and also Russia. Hopefully, by this news, this can wide open again the chance of cryptos to be considered as well as cash equivalent again. But, I wonder will it involve taxes if this is legalized as cash?

[philipma1957]

Okay Bank of America  is one company in america

it is not the "federal reserve bank"  

 the federal reserve bank is the boss of all USA based banks.


As for Bank of America I am a customer  and they sent me the following statement

I paraphrase :

"If you use our card to buy crypto currency we will charge you like you are using the card to withdraw a cash advance."


This is true and I may be able to find the actual document if I have yet to shred it.

So to sum up a bank Named  "Bank of America"  Based in the USA will charge you the same fees for getting BTC as it would charge you for getting a cash advance.


It is not the Federal Reserve Bank for America which is the boss of all USA banks.

I will look for the exact document.


And due to both my wife and I still not fully recovered from whatever we had in Jan of this year maybe covid-19  we did not do a lot of shredding.

Thus here is the letter clearly stating as far as Bank of America any crypto currency purchase will be treated as a cash

 advance.

Note I covered my wife's account name and number.








So this is simply a large bank.

Not the USA government.

and it is clearly any crypto coin not BTC and ETH

[TimeTeller]

-

That gives us a confirmation that indeed Bank of America is already accepting crypto.
Thanks for showing the actual document stating such type of transaction.

So I would say, this is another great news to the crypto community.
In time, more and more banks will follow this action towards crypto.
And yes, not only BTC or ETH, as it says crypto in general.

[figmentofmyass]

Thus here is the letter clearing stating as far as Bank of America any crypto currency purchase will be treated as a cash advance.

Note I covered my wife's account name and number.

thanks for confirming. so the rumors are true.

That gives us a confirmation that indeed Bank of America is already accepting crypto.

not exactly. all we know for sure is they reserve the right to charge you cash advance fees and interest if you use your credit card to buy cryptocurrency.

bank of america currently blocks credit card transactions at known cryptocurrency exchanges. this change might indicate they plan to lift that ban, but we don't really know. this is what they said in 2018:

Bloomberg further reported that the Bank of America cited anti-money laundering regulations for the move, as well as the potential for thieves to convert stolen credit cards into cryptocurrency stashes.

Like JPMorgan, Bank of America is also concerned with the idea customers can purchase more cryptocurrency than they can afford.

https://www.coindesk.com/report-bank-america-jp-morgan-ban-credit-crypto-purchases

i don't see what has fundamentally changed since that time. they may just be asserting their rights to charge higher fees/interest where they identify settled crypto-related transactions.

[philipma1957]

No worries it is the least I can do.

 It shows that they will or that they did let you buy crypto with the card.

 It may or may not mean they are doing it right now.




I really like that:
It shows they will treat it like buying casino chips   i.e. a cash advance if you do buy any cryptocoin. This is the best info as they are not coin specific.





I smell action coming. Trump had the 2017 rally in his term. Maybe he will push a 2020 rally to help his election chances.

Most people don't realize the entire cap is well under 300 billion usd

https://coinmarketcap.com/

way down for 2017 peak of 830 billion usd.

Most people don't realize  the entire cap of 267 billion is far lower then just Apple's stock which is worth 1,500 billion.

So maybe the pump is lining up.
We Whale In :
Aug
Sept
Oct
Nov

[Traderbtcc]

Since the source is from a reddit post as @alani123 mentioned, I don't think its actually true or if it is, provide a logical source to this news,and they can't possibly treat bitcoin and ethereum as cash, since it is very volatile/unstable in nature, also it can't be used for daily transactions like the traditional fiat.

[philipma1957]

Since the source is from a reddit post as @alani123 mentioned, I don't think its actually true or if it is, provide a logical source to this news,and they can't possibly treat bitcoin and ethereum as cash, since it is very volatile/unstable in nature, also it can't be used for daily transactions like the traditional fiat.

Please try to show you read the thread.

I provided the document that most likely started the reddit post.

[Malam90]

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

You haven't mentioned any logical source of this information. If this decision is really taken that BTC and ETH will considered as cash from now will be a great epoc making event for the crypto. There is a question of my mind, how they will claim taxes on the users. How many % of taxes they will implement on income from Bitcoin and Ethereum.

[Reid]

You haven't mentioned any logical source of this information.

Read the whole thread especially on page 2 from philipma1957.
You will find it enlightening since his wife is a customer of BoA.

If this decision is really taken that BTC and ETH will considered as cash from now will be a great epoc making event for the crypto. There is a question of my mind, how they will claim taxes on the users. How many % of taxes they will implement on income from Bitcoin and Ethereum.

Regarding this, perhaps there is another document to explain it.

[Kakmakr]

Until the US government decides to define Bitcoin or Crypto currencies as a currency, there is nothing to get excited about. The Banks are just going to do this to protect themselves, when they add extra charges to people's credit card transactions that are linked to Bitcoin purchases.  

Banks just know how to play this game and how to protect their income. They frowned on people using their credit cards for Bitcoin purchases, so they added extra fees to reduce these purchase decisions.   (So they were taken to court on a technicality about advanced notice and the plaintiff won, so now they are giving advanced notice to prevent future court cases)

[AniviaBtc]

What about taxes? If Bitcoin is indeed considered cash, people should only pay the income tax when they get income in BTC, correct? The currently regulations, however, impose additional taxes such as Capital Gains Tax. I can see that low-level news websites already made articles about this information, but it seems that up to now there's only this reddit post you've mentioned as a source. So yeah, probably fake news... And even if the Bank of America wanted to treat cryptos as money, I doubt they are authorized to do so without proper legislation. And only a year ago, they compared cryptos to stocks without allowing purchases of either via their credit cards.

I think if this thing is true, bitcoin or other cryptocurrency will have taxes as well,  the government will not let this kind of cryptocurrency to exempt from being a non tax.

Probably, they will include it to those transactions that they can benefit from. Cryptocurrency is a digital currency that has unpredictable price in the market so most of the people are having a hard time using it in many transactions. If bitcoin and ETH is new to them, as time passes by, they will become used to it but the thing that we need is adoption.

It is true that fluctuation can make us unsure and doubt those cryptocurrency like Bitcoin and ETH to regulate into our banks due to the risks. Plus, if this happens, government will do anything just to charge our transactions with taxes that they want to receive from us. No one is exempted from taxes once the government see that you are making money out of it.

[shata]

The title should fit as "Bank of America now treats BTC and ETH as Cash Equivalent" and not as Cash per se. What differs cash and cash equivalents?

Cash is the money itself or fiat currencies and bills used to pay and send to any transactions involving meeting of minds. Also, it includes coins and currency notes. On the other hand, cash equivalents are investments readily available to convert into cash for not more than 3 months. Thus, Bitcoin is not considered as cash but rather cash equivalent, because if you convert btc, it will be cash right away. However, it does not apply to other crypto due to this potential reasons; either its the policy of the bank or because bitcoin is so liquid. Banks accept it and class it as cash equivalents. Therefore, what " cash" can do may not really be the same as to the "cash equivalents".

This may be the same to hear but for accounting and finance personnel out there, it connotes different types.

But of course, this is so predictable as institutional investors were so aggressive in bitcoin market seen last year 2019.


Source: https://www.investopedia.com/terms/c/cashandcashequivalents.asp

[Latviand]

No! None of this matters!

Banks can't treat bitcoin like cash for the simple reason that they can't perform fractional reserve banking on it and that it's not subject to the same kind of inflation as cash.

Bitcoin is superior so they should treat it as such.

Bitcoin is a centralized currency and it is far different from cash. There are a lot of good and bad features of bitcoin, that's why it can be treated as a cash, so the Bank of America should learn more about it. There are also a lot of factors that can affect its price and treating it as a cash is very risky due to fluctuations. They have different importance and value so it is really irrelevant to treat them the same way. I don't know if US bank thought of this for so long, maybe their approach to this is unofficial and not that studied more enough to think of the reality of cryptocurrencies treating it like cash. Some government never thought of that thing because they are really different, they should be treated separately from the economy.

[QueenVera]

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

Wow that's a welcome development and something the community has been wanting for a very long time but before you get our hopes all up, can I see some references or source of your news as news like this can easily be published by any  media house without an authentic source. While this is welcoming, the US bank should also realized not all cryptocurrency are cash as some are utility token.
They're mainly used as asset instead of what we mainly mistake it to be like ethereum that isn't a currreny.

[minairia3]

I am not sure that US banks treat Bitcoin and Ethereum as cash, because there is no official news from Bank of America. So don't be too
happy first, this is just a rumor spread by customers. The truth is still questionable. But if it is true that Bank of America treats Bitcoin and
Ethereum as cash, this will certainly be a milestone.

Sometimes rumor are really true and they were just hiding it to conceal the truth cause this may cause a sudden change on the market pacing. A news like this will give a huge pump and fomo will start. We all knew how USA so strict ablut blockchain technology and business related to it, so the posibility of this is still lies somewhere off the books. But If ever this news is true, the market will take off as two of the top coins will surely surge when this announcement of confirmation has been released.

[MCobian]

I'm sure you got the wrong information, because it is not possible for Bank of America to treat BTC and ETH as cash. Bitcoin prices are volatile
and cash is stable, then Bitcoin is decentralized while cash is centralized. Too many differences, logically it is not acceptable that Bitcoin and
cash are the same. Besides, the American government is very strict about cryptocurrency, so it's unlikely this news is true. We wait for new
updates about this.

[LogitechMouse]

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

I think you are referring to this article.

Bank of America could treat transactions with Bitcoin as cash

just add it in the OP so everyone will see, it's nice if you will put a link of information you shared so we can verify, and so you will not punished by violating the forum rules which is plagiarism.

Regarding on the article, there is the word "COULD" which means that this is 100% sure that they will use BTC as Cash.

The OP's title is misleading as there is no ETH in the article although it is said that cryptocurrency in general is accepted.

Now with regards to the milestone thing, it will be a good thing for crypto as a whole but the chances of this to happen is relatively low and the article site isn't as reputable as other trusted sites out there so I don't believe that this will happen or should I say I'm not expecting for this to happen though.

[arwin100]

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

I think you are referring to this article.

Bank of America could treat transactions with Bitcoin as cash

just add it in the OP so everyone will see, it's nice if you will put a link of information you shared so we can verify, and so you will not punished by violating the forum rules which is plagiarism.

Regarding on the article, there is the word "COULD" which means that this is 100% sure that they will use BTC as Cash.

The OP's title is misleading as there is no ETH in the article although it is said that cryptocurrency in general is accepted.

Now with regards to the milestone thing, it will be a good thing for crypto as a whole but the chances of this to happen is relatively low and the article site isn't as reputable as other trusted sites out there so I don't believe that this will happen or should I say I'm not expecting for this to happen though.

I'm not gonna buy this either there are so many news coming just to create a hype so maybe this is another attempt, I want to see this news on biggest crypto media so that we can verify it that it's really happening in certain bank. But I'm sure many want that to happen since it's another level of adoption and people can gain trust with that thing since imagine the banking institution use that for good transactions.

[Nhor1011]

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

Oh,really?! Please add the link to this good news for US people.It could be a better way at this current pandemic situation to avoid contact with virus in a fiat money. Hope that other country will follow this steps of US regarding cryptocurrency.

[Debonaire217]

It is way too impossible to happen OP, bitcoin and Ethereum possesses characteristics that could affect the economy in a big way, perhaps, the definition of cash is physical money that you can transact. For example, if a store indicates a "cash only" payment, how come bitcoin and ethereum could deliver that? or maybe the thoughts are, BTC and ETH to be treated the same way as fiats. But still, impossible because of the volatility and characteristics these crypto has.

[YuginKadoya]

It is way too impossible to happen OP, bitcoin and Ethereum possesses characteristics that could affect the economy in a big way, perhaps, the definition of cash is physical money that you can transact. For example, if a store indicates a "cash only" payment, how come bitcoin and ethereum could deliver that? or maybe the thoughts are, BTC and ETH to be treated the same way as fiats. But still, impossible because of the volatility and characteristics these crypto has.

Posted by Alani https://www.reddit.com/r/CryptoCurrency/comments/hi78v4/cryptocurrency_is_considered_a_cash_equivalent/ they had taken down the post right now maybe it is just fake news and they can not lump bitcoin and other cryptocurrency with Cash because of the volatileness of cryptocurrency Cash don't possess many characteristics Bitcoin and other cryptocurrency has, But I think in a good way treating cryptocurrency as cash may sure take it to a new level and many will surely recognize it even further.

[teosanru]

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

Don't you think even if it's done then it would effect you negatively too. You can be held for your taxes directly when you earn btc because you are earning money. Moreover it's make easier for them to confiscate your money because now they will be confiscating cash. I don't know why are people Happy on this as it was already legal in US.

[pawanjain]

We don't know yet if this information is true or not and besides that even if it was true there would be more complications to it since they have not provided any clear information and have just made a statement. Considering cryptocurrency similar to cash has it's own pros and cons.
For instance, crypto might be taxed in the same way as cash and hence we will have to pay tax on every purchase we make.
If crypto is considered as cash then there will be more adoption in the US since people will accept crypto payments too.
But then it all depends on how the US government regulates the use of crypto.

[Amel]

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

A few days ago, it seemed that Bitcoin would band in America. Although many people in America are involved with Bitcoin. But if that happens in the end, it's good news for all Bitcoin and Ethereum users. There are doubts as to where you got the information from and how true it is.

[pooya87]

The title should fit as "Bank of America now treats BTC and ETH as Cash Equivalent" and not as Cash per se. What differs cash and cash equivalents?

actually the correct title should have never named any coins since according to the posts in previous page by @philipma1957 the document never mentions any cryptocurrency by name and uses the general term for all of them. which makes this topic another desperate attempt by ETH bagholders who keep trying to stick their shitcoin to bitcoin and pump it that way using any "fake" news they can find!

[jademaxsuy]

The title should fit as "Bank of America now treats BTC and ETH as Cash Equivalent" and not as Cash per se. What differs cash and cash equivalents?

Cash is the money itself or fiat currencies and bills used to pay and send to any transactions involving meeting of minds. Also, it includes coins and currency notes. On the other hand, cash equivalents are investments readily available to convert into cash for not more than 3 months. Thus, Bitcoin is not considered as cash but rather cash equivalent, because if you convert btc, it will be cash right away. However, it does not apply to other crypto due to this potential reasons; either its the policy of the bank or because bitcoin is so liquid. Banks accept it and class it as cash equivalents. Therefore, what " cash" can do may not really be the same as to the "cash equivalents".

This may be the same to hear but for accounting and finance personnel out there, it connotes different types.

But of course, this is so predictable as institutional investors were so aggressive in bitcoin market seen last year 2019.


Source: https://www.investopedia.com/terms/c/cashandcashequivalents.asp

Oh really this great of course.

However, I think it is still subject for scrutinization due to the fact that btc is a decentralized system and holds huge potential losses or gains. This is the risk part of btc and if everyone accept it then pretty sure it can go big in the future.

Probably for now banks consider bitcoin because of quite huge of flow of money in cryptocurrency. They can earn to it everytime clients wants to process or exchange btc to fiat currency. This means another earnings for the bank.

[Vaculin]

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

I think you are referring to this article.

Bank of America could treat transactions with Bitcoin as cash

just add it in the OP so everyone will see, it's nice if you will put a link of information you shared so we can verify, and so you will not punished by violating the forum rules which is plagiarism.

Regarding on the article, there is the word "COULD" which means that this is 100% sure that they will use BTC as Cash.

Maybe you meant not 100% sure? that "could" word, not sure.

The OP's title is misleading as there is no ETH in the article although it is said that cryptocurrency in general is accepted.

It's in the article I shared, there you go.

According to the letter, all transactions related to Bitcoin, Ethereum, Litecoin and other cryptocurrencies could be treated as “cash advance”.

Now with regards to the milestone thing, it will be a good thing for crypto as a whole but the chances of this to happen is relatively low and the article site isn't as reputable as other trusted sites out there so I don't believe that this will happen or should I say I'm not expecting for this to happen though.

I also think there's a little chance but if this particular bank will treat it that way, it doesn't mean the who banking industry in the world would follow.

[finaleshot2016]

What's your source mate? We all knew that a big economy like the US doesn't want to adopt cryptocurrency because of its volatility and can't be considered as safe to use.

The source is a reddit post: https://www.reddit.com/r/CryptoCurrency/comments/hi78v4/cryptocurrency_is_considered_a_cash_equivalent/

It honestly isn't the best type of source to verify a claim. The submission has now been removed by mods. Perhaps it was even a suspected fake.
If true, we shouldn't rush to consider this good news. A probable cause of this decision could be that it was done to deter abuse of card benefits programs. Right now there are some services that allow you to buy crypto with cards without extra cost. This could be used to rack up miles on a bonus program. This was done also when the FED was selling coin stacks for CC payments for free. Banks were quick to catch up of course.

I see, it's just a Reddit post, some people thought Reddit entries are always reliable. It's true that it'll not gonna be easy and will have a lot of changes in the economy, especially in taxation. Bitcoin has a lot of potentials but let's not forget its downside when we legalize the use of it.

[Rafiqul]

I wouldn't believe such news unless it goes on an official blog post or unless the banking officials of the said organization releases an official statement regarding this. Most of us here are expecting for banking entities to at least recognize bitcoin and other cryptocurrencies as equivalent to cash, or at least can be exchanged to cash but so far there isn't really a bank in the world that has continued with this idea. This is too far-fetched on today's times but not impossible, that's for sure.

Also, append a source whenever you try to post such news that might cause a buzz. Anyone can say anything but people won't believe it unless it can be backed up by facts and credible sources.

I can't believe this news like you. Because we have not received any official statement from it. However, sources must be added when making such posts; This can lead to confusion. If it is true that Bank of America has done the same with Bitcoin, Etherium and all crypto purchases as cash, it will definitely be a milestone for crypto.

[htsy585]

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

By merely going through your write-up, i don't think this news is authentic beside you didn't back it up with any source. Let's even assume it happens to be true, i don't think it is actually a milestone for this industry. We are pushing for mass adoption and recognition but definitely not like this one because if the bank of AMERICA should ever treat the purchase of cryptos as a cash, we will definitely lose the good side of crypto besides i see this as a way of feds trying to milk out from crypto enthusiasts

[rathaha10]

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

By merely going through your write-up, i don't think this news is authentic beside you didn't back it up with any source. Let's even assume it happens to be true, i don't think it is actually a milestone for this industry. We are pushing for mass adoption and recognition but definitely not like this one because if the bank of AMERICA should ever treat the purchase of cryptos as a cash, we will definitely lose the good side of crypto besides i see this as a way of feds trying to milk out from crypto enthusiasts

I agree with you, this is indeed not a good news even if it's true becuase it is a way of the government trying to control the activities of bitcoin and if that happens, bitcoin will lose its original use case which is meant to be a decentralised digital assets without no central authority. Next time, posters should always attach a good reference source so that we would be able to verify the originality of the news

[7788bitcoin]

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

What difference does it make if they treat bitcoin and ethereum as cash. Are they doing it so that the government could identify these transaction so that you will be able to pay the taxes for every transactions you make with the bank to any exchanges ?. Apart from these i do not see any milestone as i am bound to pay my tax if i am converting the bitcoin to cash and i was doing that for the past few years.

[verita1]

Crypto Blogs have been talking about it.
This news for the crypto community is of interest, we would love for banks to allow bitcoin and other crypto in our banking transactions.
https://blockchain.news/news/bank-america-bitcoin-crypto-transactions-equivalent-cash

But after that, we will see how the government implements taxes for these new financial transactions that will become part of the local economy.

The United States already requires adding these new digital assets. As we know, it is among the first countries in the world that its citizens use the most bitcoin.
https://cointelegraph.com/news/new-study-reveals-countries-with-most-registered-crypto-exchanges

[Debonaire217]

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

What difference does it make if they treat bitcoin and ethereum as cash. Are they doing it so that the government could identify these transaction so that you will be able to pay the taxes for every transactions you make with the bank to any exchanges ?. Apart from these i do not see any milestone as i am bound to pay my tax if i am converting the bitcoin to cash and i was doing that for the past few years.

Maybe part of the growing bitcoin adoption. Let see, because there's tons of possibility that government want to somehow regulate cryptocurrency, but this doesn't directly mean bad for crypto, because in the first place, they cannot really interfere with blockchain and bitcoin in its technical aspects. What I find as a subject to government's regulation are the local exchanges because local exchanges should follow rules, laws, and regulations, thus people might pay taxes in the future through bitcoin conversion using these exchanges.

Going back, the statement of bitcoin and ethereum treated as cash is quite impossible, via definition

money in coins or notes, as distinct from checks, money orders, or credit.

crypto has no physical tokens that has value.

[n0ne]

Bank of America is one among the top rated financial service provider. Treating of bitcoin and ethereum as cash by one of the leading Bank shows the growth in terms of acceptance and adoption. This will serve as a base for banks operating around the globe to give importance to cryptocurrency as cash. Everything is associated with technology, if it is a bank transaction or a transaction through the blockchain. The efficiency and the effectiveness on operation is the one that decides the adoption of cryptocurrencies or the usage of traditional systems.

[rodskee]

Bank of America is one among the top rated financial service provider.

No doubt with them starting this, there's a major impact inside banking industry.

Treating of bitcoin and ethereum as cash by one of the leading Bank shows the growth in terms of acceptance and adoption.

For sure it will be a good start expecting for more wide acceptance and adoptions
it's so nice to see how future can be.

This will serve as a base for banks operating around the globe to give importance to cryptocurrency as cash.

The appreciation of crypto will be more successful as banking system are now
into the business.

Everything is associated with technology, if it is a bank transaction or a transaction through the blockchain.

Precisely, and more will become interested to use this chain.

The efficiency and the effectiveness on operation is the one that decides the adoption of cryptocurrencies or the usage of traditional systems.

Success from this big bank will be a good basis for more banking business
to consider and start embracing crypto.

[Eugenar]

You don't even include the source, so I think it's not a legit information. I dont know that it would be okay to treat crypto as a safe cash because of its volatility. Imagine if you are going to use your bitcoi to purchase things you want but you have to wait first for the bitcoin inflation before you purchase it so you wouldnt lose huge amount of money. There would be no bitcoin user that will spend their assets when the price of the bitcoin is low because thats a big lost.

[erikoy]

You don't even include the source, so I think it's not a legit information. I dont know that it would be okay to treat crypto as a safe cash because of its volatility. Imagine if you are going to use your bitcoi to purchase things you want but you have to wait first for the bitcoin inflation before you purchase it so you wouldnt lose huge amount of money. There would be no bitcoin user that will spend their assets when the price of the bitcoin is low because thats a big lost.

This is what I have also in my mind that there should be a news or blog that could support this claim. Pretty sure US government will likely to contradict in this because bitcoin or cryptocurrency is not yet been approved by the government and it is up to the community to use it like a cash.

Well, most of us here are hoping that one day btc will use and treated as cash. It is good to have choices rather than just using fiat currency alone to do all the exchanges between products and services.

[rexxarofmoknathal]

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

If what you're saying is indeed accurate then this surely will be a great step forward. However, I do have my own doubts about this.

There's no link to any evidence suggesting this, and to be honest this does sound too good to be true. The pure fact that all of these cryptos have large market volatilities means that they're no way ready to be considered on a similar league to cash.

[Wesleyeric]

I’m so much happy on this, I hope other banks will do the same in future, this is a great  plus in the bitcoin world. It of great important that everyone should have in

[Sadlife]

With Fidelity, Goldman Sachs and other big companies transferring their wealth due to the imminent financial crisis. Im expecting it to blow up within the next year, and reach new all time highs, according also to stock to flow model, it could easily get into a $100,000.
Thanks to the help of the FED with their marketing strategy and trillions of money printing.

[bitcoin31]

You should better to give us a proof of what you are news you get or maybe you created that news only without a soild proof or it meansfake news.
Cash is non volatile and people are used it everyday, for the bitcoin and ethereum we already knew that is volatile or price is unpredictable or price might be changes.

The question about this is if it's really happen how it's works? because cash and crypto are really different to each other but the same with this two is we can both use it to buy item or purchasing what ever you want.

[yhiaali3]

I do not think that this news is true, you should have put the source of this news, however, there is still no official acceptance of cryptocurrencies in America or in other countries except for some few cases, I am optimistic that this will be true one day, but even Now I think that such news is incorrect and it is preferable not to publish such news if you are not sure that it is true.

[lepbagong]

I do not think that this news is true, you should have put the source of this news, however, there is still no official acceptance of cryptocurrencies in America or in other countries except for some few cases, I am optimistic that this will be true one day, but even Now I think that such news is incorrect and it is preferable not to publish such news if you are not sure that it is true.

indeed the news is very good and of course it can be encouraging because of the convenience, but it is true that you say that if there is no news link from a reliable source maybe people will also have a lot of questions because it does not match the facts that we have been with about crypto in the US in general.
I hope this news is true, it will have a good impact on other countries that have not trusted crypto as a legitimate and recognized exchange tool.

[shoreno]

I do not think that this news is true, you should have put the source of this news, however, there is still no official acceptance of cryptocurrencies in America or in other countries except for some few cases, I am optimistic that this will be true one day, but even Now I think that such news is incorrect and it is preferable not to publish such news if you are not sure that it is true.

indeed the news is very good and of course it can be encouraging because of the convenience, but it is true that you say that if there is no news link from a reliable source maybe people will also have a lot of questions because it does not match the facts that we have been with about crypto in the US in general.
I hope this news is true, it will have a good impact on other countries that have not trusted crypto as a legitimate and recognized exchange tool.

at first im also going to believe this because the op does not provide a proof but other users provide some links although it does not came from a reliable source but scanning above i have seen some new links that came from crypto news site . https://bitcointalk.org/index.php?topic=5259684.msg54845300#msg54845300

i guess its really true that banks on america are treating cryptos well  . this is a big step to them but  i hope that thier governments will be next to treat cryptos the same

[yhiaali3]

at first im also going to believe this because the op does not provide a proof but other users provide some links although it does not came from a reliable source but scanning above i have seen some new links that came from crypto news site . https://bitcointalk.org/index.php?topic=5259684.msg54845300#msg54845300

i guess its really true that banks on america are treating cryptos well  . this is a big step to them but  i hope that thier governments will be next to treat cryptos the same

I read the news in the source here:
https://blockchain.news/news/bank-america-bitcoin-crypto-transactions-equivalent-cash

However, I am not quite sure because it is written:

An image posted on social network Reddit showed a possible change in credit card terms and conditions of Bank of America regarding cryptocurrencies such as Bitcoin (BTC).

Bitcoin, Ethereum, Litecoin, and other cryptocurrencies were mentioned to be treated as “cash advance,” according to the image of the letter that was posted briefly before it was taken down on Twitter.

This means that this photo was posted by a Reddit member and the image was deleted by Twitter, if the news is true, why would Twitter delete the image? So we cannot be completely sure unless there is official news from one of the official government websites.

[witcher_sense]

What does it mean, they treat Bitcoin as cash? Haven't they read Satoshi Nakamoto whitepaper? It is clearly stated there bitcoin is peer-to-peer electronic cash system. Bitcoin is basically software that works as intended and serves for specific purposes. It cannot be classified by Bank of America, because it simply doesn't care what they say regarding its purposes or functions. If it is programmed to become electronic cash, it will be so, electronic cash.

Apparently, this news posted on Reddit is fake, because Bank of America consider bitcoin and cryptocurrencies a threat to current monetary system.

Bank of America's brief mentions of cryptocurrencies as risk factors – first spotted by the Financial Times – hardly signal panic. The bank describes three ways in which cryptocurrencies could pose a threat. The first two implicitly denigrate the new assets. "Emerging technologies, such as cryptocurrencies, could limit our ability to track the movement of funds," the filing says, making it harder for Bank of America to comply with know-your-customer and anti-money-laundering regulations.  

 "Further," the bank writes, "clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies."

The third risk factor, however, does not derive from cryptocurrencies' legal complications or flighty customers' susceptibility to bubbles. It derives from bitcoin's ability to bypass intermediaries:

    "Additionally, the competitive landscape may be impacted by the growth of non-depository institutions that offer products that were traditionally banking products as well as new innovative products. This can reduce our net interest margin and revenues from our fee-based products and services. In addition, the widespread adoption of new technologies, including internet services, cryptocurrencies and payment systems, could require substantial expenditures to modify or adapt our existing products and services as we grow and develop our internet banking and mobile banking channel strategies in addition to remote connectivity solutions."

https://www.investopedia.com/news/bank-america-calls-cryptocurrencies-risk-its-business/

[DatKing]

Reportedly US Banks are going the treat Bitcoin (BTC), Ethereum (ETH), and all crypto purchases same as Cash. In the crypto economy, this move is going to be a milestone.

It doesn't seem to me as logical. Why the hell US banks would treat Bitcoin and Ethereum as cash? They are not fiat, they are cryptocurrencies. As long as the news is not proven, I will consider it as fake news.

[EMV]

I think this news is nonsense. No Bank in the world has equated bitcoin with cash. This is technically impossible. Bitcoin is a digital currency. A whole huge digital ecosystem. Bank of America used to be skeptical about digital money.

[Zionatin]

The source is a reddit post: https://www.reddit.com/r/CryptoCurrency/comments/hi78v4/cryptocurrency_is_considered_a_cash_equivalent/

It honestly isn't the best type of source to verify a claim. The submission has now been removed by mods. Perhaps it was even a suspected fake.
If true, we shouldn't rush to consider this good news. A probable cause of this decision could be that it was done to deter abuse of card benefits programs. Right now there are some services that allow you to buy crypto with cards without extra cost. This could be used to rack up miles on a bonus program. This was done also when the FED was selling coin stacks for CC payments for free. Banks were quick to catch up of course.

Whether or not considering BTC cash will have any positive effects related to this bank remains to be seen.

What about taxes? If Bitcoin is indeed considered cash, people should only pay the income tax when they get income in BTC, correct? The currently regulations, however, impose additional taxes such as Capital Gains Tax. I can see that low-level news websites already made articles about this information, but it seems that up to now there's only this reddit post you've mentioned as a source. So yeah, probably fake news... And even if the Bank of America wanted to treat cryptos as money, I doubt they are authorized to do so without proper legislation. And only a year ago, they compared cryptos to stocks without allowing purchases of either via their credit cards.

Finally someone with a brain!! Thank you, my good man. Yes!! Exactly. Crypto can never my cash. Cash is cash. Cash is actually physical notes. If you asked if you are paying with cash can you whip your phone out and pay with bitcoin? Nope because cash is physical. Yes, correct. Unless the government has its own cryptocurrency addresses to pay tax into you don't pay tax because it's not money its a currency we as the people developed. However, if you trade from crypto to fiat and use the fiat system then you will have to pay tax on that.

[Lucax.finance]

I think this news would be very false if rather the banks are afraid of cryptocurrencies and even more so the US banks, I have not seen any communications on verifiable platforms and much less news from the bank's social networks, greetings