Published On: Sat, Feb 3rd, 2018

Big Banks Ban Bitcoin Buys – JPMorgan, Bank of America, Citigroup Say No to Crypto Credit Purchases

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JPMorgan, Bank of America, and Citigroup are all putting a stop to Bitcoin purchases made using their cards, citing high risk due to extreme price volatility.
Credit Card Declined
With Bitcoin suffering one of its worst weeks since 2013, major US banks are putting a stop to Bitcoin and other cryptocurrency purchases made using their credit cards. According to reports, JP Morgan Chase, Bank of America, and Citigroup are all banning cryptocurrency purchases using their credit cards, leaving some investors eager to “buy the dip” out in the cold.

From the credit card providers’ point of view, it’s easy to understand why the decision to ban cryptocurrency purchases has been made. Unlike most other purchases made with credit, cryptocurrency purchases are exposed to extreme price volatility, increasing the potential for a dramatic drop in value.
“At this time, we are not processing cryptocurrency purchases using credit cards, due to the volatility and risk involved,” a J.P. Morgan Chase spokesperson said in a statement to CNBC. “We will review the issue as the market evolves.”
A Hard Fall
The decision to ban Bitcoin purchases with certain credit cards comes after a …

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