Just today, Bank of America (BOA) has announced that it will be banning crypto purchases using credit cards issued by their bank. The reason given was there is a higher risk associated with these crypto purchases as well as the possibility of fraud. However, even a cursory look into the matter will show that this is nothing more than the banks starting to crack down on crypto, and it is only the beginning.

First of all, the argument that BOA used makes no sense and can be proven easily. They say there is a higher chance of crypto purchases being high risk. However, you can still get a cash advance inside of a Las Vegas casino. That’s right, walk into any casino, which runs their own ATMs, so the banks know these are inside casinos, and you can max out your credit card limit then take the cash right to the gambling tables and lose it all in ten minutes. Does BOA not think this is a high risk move? Of course they do, but they want you to max out your credit cards doing stupid things, as long as you stay within the system. What they don’t want you to do is to use your credit card to LEAVE the system , and that’s what you do when you buy crypto with your credit card.







But don’t think this is only about credit cards. I predict within the next few months they will block wire transfers as well. We have already seen countless reports of accounts being blocked or closed because of transfers to and from exchanges. This year, I predict this will become the official policy of most major banks.