Two giant banks ban buying Bitcoin with credit cards

Bank of America and JPMorgan Chase have reportedly banned their customers from purchasing Bitcoin with credit cards from February. It was noted that it is expected to start the ban from now on. It was stated that Bank of America started the ban yesterday.

Bank of America’s ban is limited to credit cards. It won’t affect customers who want to buy crypto using debit or ATM cards.

Bank of America, like JPMorgan, is worried that its customers may receive more crypto than they can afford. On the other hand, other banks have decided to increase the costs of crypto money transactions in recent weeks.

What does this move mean?

An important claim is being made after this decision of JPMorgan and Bank of America. started. According to this claim, banks lose their interest income because those who invest in cryptocurrencies can pay off their debts early, and this is why the decision is taken. Is it because of it or is there some other reason? Share your thoughts in the comment section below.