Bitcoin (BTC)

The purchase of Bitcoin and other cryptos by credit card has been banned in Argentina, as the newly elected government seeks to enforce exchange controls.

Many major banks already have such a ban in place to avoid customers over investing beyond their means.

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Bitcoin (BTC)

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The purchase of Bitcoin and other cryptos by credit card has been banned in Argentina, as the newly elected government seeks to enforce exchange controls.

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Many major banks already have such a ban in place to avoid customers over investing beyond their means. These include Bank of America, J.P. Morgan Chase, Citigroup, Discover, and Capital One.

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Retail investors are using credit cards to leverage their Bitcoin transactions, thus buying more than they can afford. Given Bitcoin has been down nearly 75% since its high, many of these investors will be left in debt.

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A recent poll showed that approximately 20% twenty percent of Bitcoin purchasers are financing their transactions with credit cards, which is a scary number given the volatility. Of these, 23% haven’t paid off their balances,  but plan to by selling their Bitcoins at some time in the future.

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