Bank Begins Blocking Shares Of Companies Who Buy Bitcoin

Bank Begins Blocking Shares Of Companies Who Buy Bitcoin



Advertisement

At the height of the last so-called Bitcoin “bubble” banks began feeling the crunch of coming competition and began blocking transactions related to “virtual currencies.” But as we’ve seen as of late, banks are finally coming around along with the rest of the finance world. 

However, not all banks are hopping on the bandwagon, and others are back to their old bag of tricks, blocking investors from not just investing in crypto itself, but companies it deems with exposure to such assets. Here’s more on which bank is taking such steps, and what this means for the market currently.

HSBC Allegedly Blocks Customers From Buying MicroStrategy Shares, Citing New Crypto Policy

If you can’t beat ’em, join ’em. Banks have failed to innovate in decades, leaving them vulnerable to cryptocurrencies like Bitcoin, Ethereum, and the entire DeFi industry. So what they’ve done, is begun to offer cryptocurrencies and other unique products more within their realm, such as JP Morgan’s recent basket of companies with some kind of BTC exposure on the books.

RELATED READING | JP MORGAN BUILDS BASKET OF COMPANIES WITH BITCOIN EXPOSURE

The world of payments and finance outside of banks alone – the companies included within JP Morgan’s basket – have all gotten into crypto in some way, from PayPal to Square and more are hopping on board each day. Crypto is the future, and those who have been embracing the technology have the earnings and buzz to show for it.

Yet there still remains several banks and other third-parties skeptical of Bitcoin, with some outright banning their customers and even citizens from accessing the asset class.

According to a crypto company founder, HSBC Canada is taking such a stance, but there’s a twist: they’re not blocking customers from buying BTC or altcoins. They’re instead preventing customers from buying MicroStrategy shares.

More Reasons To Be Your Own Bank With Bitcoin Instead

Blocking customers from buying crypto assets is nothing new. But stopping a customer from investing in a company because of their exposure to Bitcoin, is highly unusual.

RELATED READING | BUYING BITCOIN COULDN’T SAVE MICROSTRATEGY SHARES FROM 50% CRASH

MicroStrategy shares have ballooned alongside Bitcoin, as have the earnings of several other companies that got in early enough, but like all volatile assets, had a large, 57% correction after an enormous climb – typical market behavior.

microstrategy bitcoin hsbc bank

Was HSBC trying to save its customers from further crash? | Source: MSTR on TradingView.com

Perhaps HSBC is trying to prevent customers from such outcomes, or it is possible that this is a loophole in the policies related to virtual currencies. Whatever the case may be, the situation is yet another example of what Bitcoin has to offer.

Banks should have no right where their customers can spend their own money. With Bitcoin, you are in charge of your own money and where it goes – whenever you want.

Featured image from Deposit Photos, Charts from TradingView.com

Published at Fri, 09 Apr 2021 15:17:55 +0000

ALTCOIN NEWS BITCOIN NEWS BLOCKCHAIN NEWS CRYPTOCURRENCY NEWS ETHEREUM NEWS EXCHANGES NEWS LITECOIN NEWS MARKET NEWS REGULATION NEWS
Gamestop
Important Facts of Gamestop Entering into Cryptomarket
UniFarm
UniFarm Raises $2 Million After Launching Innovative Farming Pool Featuring 17 Top DeFi Projects
XRP, FTX Token, Waves Price Analysis
#HODL #SHILL YOUR SH*T COIN! #SPOTTED! #VIRALS BITCOIN SCAM WATCH FUN QUIZZES
bitcoin-scams
Top 5 Bitcoin Scams you should be aware of!
Instagram Influencer Accused of Scamming Followers Out of $2.5M In Bitcoin Scams
five assorted color cars parked inside room
WHAT WILL YOU BUY WITH YOUR BULL MARKET GAINS?
FAQ'S INTRODUCTION TO BITCOIN INTRODUCTION TO BLOCKCHAIN INTRODUCTION TO CRYPTOCURRENCY EXCHANGES
Cryptocurrency
4 Amazing Perspectives of Cryptocurrency Characteristics, Everyone Should know
How bitcoin Transactions Work
Bitcoin For Beginners: 5 Plus Important Reasons Why You Should Understand The Future Impact of Bitcoin On Society
blockchain
5 Important points about Blockchain, Cryptocurrency, and Bitcoin(Safe or Not)
EXCHANGES WALLETS
coinbase
4 Best Crypto Coins on Coinbase
flat lay gadgets beside bearded man
ULTIMATE LIST : BEST BITCOIN AND CRYPTOCURRENCY WALLETS 2021
person shopping online
2021 BEST BITCOIN AND CRYPTOCURRENCY HARDWARE WALLETS TO STORE YOUR COINS SAFE

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.