- Apr 2017
Capital One bank has just announced that it will stop processing crypto related purchases, including to exchanges like Coinbase. As the Merkle reports, this is not the first time a bank has denied crypto purchases to its customers, citing TD Bank blocking crypto purchases as well. Another individual said that Bank of America froze his account citing some ominous policy that didn't even apply to crypto. PNC Bank has also gone this route, threatening to close a customers account for buying Bitcoin. Some, including Charles Hoskinson of Cardano, are speculating that the banks may be playing a role in the huge crypto market crash that started two days ago and has yet to recover (see his tweet below). As the cases of bank rejection grow many people online are advising people to simply switch banks. The problem is that since the banks don't want a free market, they are all following each others lead and making it harder and harder to buy crypto using a bank account or credit card. The reality is that many banks are finally realizing that not only is crypto outperforming them in many significant ways, but that a large percentage of people (their customer base) are figuring that out as well. They are quickly realizing that if the potential of the emerging crypto market is fully realized, their hegemony will abruptly come to an end and the banks will find themselves on the ash heap of history. And this is why, as the subject line iterates, the bankers will not go gentle into that good night (to borrow from Dylan Thomas's famous poem). This will be a long arduous battle, but if we all want a sea change in the way we interface in commerce and no longer wish to afford a cadre of private, for profit bankers to dictate how we trade goods and services with each other, we (the crypto community) need to ban together, hold strong, and not be swayed by a plutocratic, dinosaur industry that is singing its swan song.