Major credit card issuers prohibit bitcoin purchases
Due to absurd inconsistencies in its value and an inevitable crash, well-known credit card issuers recently decided to stop consumers from buying bitcoin or any kind of cryptocurrency, an article of CNBC on February 2 revealed.
Credit card holders are no longer allowed to buy bitcoins
The decision was made after bitcoin recently fell lower than $8,000. According to reports, Citigroup, J.P. Morgan Chase, and Bank of America have prevented credit card holders from purchasing any cryptocurrencies after this year’s blow-by-blow bitcoin plunge. The controversial digital money invented by a person or group of programmers only known as Satoshi Nakamoto, continued to plummet after reaching its peak value of more than $19,000 before the end of 2017. In a statement, J.P. Morgan Chase confirmed that they have stopped any purchases of cryptocurrencies involving cardholders.
Even the future of cryptocurrency is still uncertain due to various factors including some countries blacklisting it and high volatility compared to traditional currencies. A significant number of consumers and businesses however, continue to accept cryptocurrencies in transactions.
Cryptocurrency, especially bitcoin, has disrupted traditional banking due to the uniqueness and conveniences it offers. If you currently have bitcoins and still want to use it in your everyday transactions, there are still digital wallet solutions operating in multiple countries that accept bitcoin transactions.