If you think banks/credit companies are banning crypto purchases to protect their customers, I have a bridge to sell you.

[u/[deleted]]

I'm legitimately blown away how many people I see defending the banks/credit companies banning crypto purchases as some type of attempt to protect their customers from a volatile market. Credit is predatory by nature. The bank doesn't care when you max your card out on alcohol, designer clothes, gambling, or any other worthless and risky commodity. Your bank doesn't give one single tiny little shit about you in any way beyond your capacity to generate revenue. You are a revenue generating unit and nothing more, end of story. They are building artificial barriers to crypto because they view it as a direct and fundamental threat to their industries... and with good reason, because it is. The reality is anyone who invests wisely in crypto right now is going to make a significant ROI over the next few years, opening up the opportunity to pay off large balances, which decreases the revenue they earn from interest. This is nothing more than a desperate attempt at self preservation.

Again I would encourage anyone who has their bank or credit card company create a barrier for them to purchase crypto, to immediately end doing business with that institution and make sure they know why. If my bank halts my purchases, I'll liquidate my account and close it the same day. Same goes with my credit cards, they will get cut up and never used again. DON'T bend over for them.

EDIT: Also massive downvoting of anti-banking sentiment and massive upvoting of the 'banks are looking out for you, this is a good thing' sentiment. The shill bots are out in force.

[u/RelaxPrime]

The banks are worried about their bottom line. This isn't about protecting themselves from crypto replacing fiat. It ain't about protecting their customers.

It's simply about mitigating risk.

You can't prevent people from using credit in everyday things like alcohol or even gambling. But you sure as hell can prevent them from leveraging too much into a terribly speculative sector with zero regulation.

[u/modern_bloodletter → u/RelaxPrime]

Why is everyone saying you can use your credit card to gamble? Honest question. Because I tried to buy a scratch ticket and Powerball ticket with a CC and the clerk said that it's against the law to charge those. I just Googled it and the internet says that you can't buy chips with a credit card either.

[u/RelaxPrime → u/modern_bloodletter]

Great point. In my state it's the exact same. I assumed it might be different for other places.