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Essay On Capital One Financial And Citibank

383 Words2 Pages

Bank of America, JP Morgan, Capital One Financial, and Citigroup are prohibiting customers from purchasing Bitcoin with credit cards
Bank of America (BOA) – the biggest U.S. lender has prohibited customers from making use of US credit cards to buy digital currencies. Also, JPMorgan Chase financial service company stated that they have stopped handling the process of buying Bitcoin using credit cards. He said it is as a result of the risks and volatility. However, a spokesperson to J.P. Morgan told CNBC that they will evaluate the problem as the market advance. He also stated that the bank of has chosen to repudiate the acquisition of cryptocurrencies with credit cards.
The recent occurrence is due to the fact that Bitcoin gained an all-time high of over $19,000 hit in December. The extremely successful cryptocurrency had rallied 2,000% within 12 months to hit the record. Nonetheless, bitcoin has plunged in the past weeks, falling under $8,000 since towards the end of November. …show more content…

Surprisingly, some cryptocurrencies have even soared higher than bitcoin.
Few weeks ago, JPMorgan Chase stated that while BOA was assessing its policy, they were still permitting customers to buy Bitcoin with their credit card.
Last week, Citigroup said they were also evaluating policies that permit its buyers to purchase bitcoin using credit cards. However, City bank did not quickly reply CNBC's demand for a statement on Friday.
Earlier in January, Capital One Financial stated that it is determined to stop the buying of Bitcoin with its credit cards. On the other hand, Discover Financial Services (DFS) has successfully banned cryptocurrency purchases using its credit cards since two years

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