Lloyds banking group, one of the biggest banks in the UK has banned the purchase of cryptocurrency using their own credit card. They say it is to stop their customers having to shoulder huge debts when the 'digital assets' they are buying drops in value to less than what they paid for it. Personally, I think this is a cop out and just an excuse. The real reason is that they don't want any of their money flooding into decentralised crypto, making money for the person buying it and taking more fiat out of the economy. I mean, when do banks ever have their customers best interests at heart? They have been happy in the past for customers to run up big credit card debts. I don't think banks have any right to judge what a person can or cannot buy with their credit card. That's stealing people's freedom of choice. They have now made it just a bit more difficult for people to obtain cryptocurrency and I hate to say it but I think we are going to see falling cryptocurrency prices for the next 3 or 4 weeks. I fear Bitcoin may hit rock bottom at $5000 soon. We shall have to batten down the hatches and ride this storm up. It will soon bounce back up thereafter.
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My bet is we will bounce up from around 4700, just need some quite not bad news as a catalyst. On the other hand there is still freedom to go further down, because mining was still very profitable when BTC lingered around 2500.
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Maybe a blessing in disguise for miners then eh?
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I meant that mining got insanely profitable last months. For every buck paid for electricity at premium 0.13 USD rate I still made profit of 6 to 9 USD. And everyone around me are still building rigs, GPUs are still out of stock. This can't be sustainable. Price should get down to a level that stops this rapid hashing power increase and linger for a while, before the next upwards wave.
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Gotcha. Thanks for the comments and info.
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