Credit Cards No More For Cryptocurrencies Say All Major US Banks

The market saw a major fall in the value of bitcoins recently which forced the U.S banks re-think on the way people used credit cards to buy cryptocurrencies like bitcoin and other major altcoins. Major banking and financial companies like the Bank of America, JPMorgan Chase and Co. and Citigroup have halted the purchase of bitcoin and other cryptocurrencies on their credit cards.

JPMorgan Chase and Co. spokesperson Mary Jane Rogers said that they don’t want risk associated with their credit card transactions.Bank of America also started turning down personal and business credit card transactions with all known crypto exchanges. Cryptocurrencies received another blow when the Indian Finance Minister suggested the elimination of the use of digital assets for payment purposes. While there was no indication that trading cryptocurrencies will be banned, this announcement was sufficient to create tremors amongst crypto traders.

Bitcoin, which had started around $800 in the beginning of 2017, had seen an amazing growth throughout the year and had surged to an impressive $19,783 on December 17th.But then it lost more than half its value since December 18th, falling below $8000. Other cryptocurrencies like Ethereum, Bitcoin Cash, Ripple, Cardano and Litecoin have also lost their value by 30 to 40 percent.

So the big question here is, will Bitcoin and other cryptocurrencies be able to recover from the losses?

According to Ran Neu Ner, the founder of ONchain Capital, cryptocurrencies soon would be able to regain its value, considering their volatile nature. Speaking to CNBC, he said “Yeah but Bitcoin goes up, bitcoin goes down, bitcoin goes up and down very quickly. If you recall a few months ago we were sitting here and bitcoin was under $8000.It shot up to $20000 in two weeks, so this is nothing new”.
So it isn’t over yet. One just needs to invest at the right time and the right place.


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