Apple Card will not allow purchase of cryptocurrencies

[Michael Motes]

The articles claims the banks are concerned that volatile prices of cryptocurrencies could leave consumers with debts they are unable to pay. That's rubbish. The banks are concerned as such but not in the connotation I believe most would construe. The volatile price might rise so rapidly everyone might actually use their credit to obtain and use cryptocoin and then not pay back their debts as banks have no recourse to collect debts except in dollars through courts, i.e. lien on your paycheck or direct freeze of bank account. Whatever they say, I think the bankers are only scared of cryptocurrency and can't survive in a bitcoin economy where they can't control the creation nor the transfer of money.

Regards,
MT
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