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.