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RE: Bank Of America Bans Crypto Pruchases / A Well-Timed Attack On Crypto ?
As much as I know in the US people use mostly credit cards. I have spend around a year in the US and I knew only students that had debit cards in stead of credit cards. What I am trying to say is that this move will affect the process of buying crypto currencies. On the other hand it seems weird to me that you are able to trade crypto using a credit card. So I find that ban logical because of the risk the banks are exposed to. And I do think that most of the people trading crypto really don't understand the risk.
It was very common to buy crypto on CC, then pay it immediately with cash. The benefit you received was whatever bonus your card provided (points, miles, cash back, etc). That all ends with this ban however.
You mean they don't understand the risk ? Yes, I also think this is kind of logical to ban credit card. People just don't really know what they are doing.