In the world of crypto, it is already hard enough at times to gain access to the market. Discover credit customers are now realizing they are the latest victims of credit card company crypto squeeze. The 44 million customers are now being denied access to the funds that they often use to purchase crypto. The company has been around for over three decades and ranks in the top five popular US credit cards behind Visa, Mastercard, and American Express.
Discover CEO David Nelms Removed All Doubt
Discover does not want to participate in the market for decentralized money.
“It’s crooks that are trying to get money out of China or wherever. Or if someone steals our credit card numbers they’re going to ask for payments in Bitcoin. Those are the only use cases I’m actually seeing today,” he dismissed, giving a decided thumbs down to cryptocurrency as a phenomenon. It’s “not like our customers are clamoring to use it.”
Is this issue limited to the discover card?
The answer is obviously, NO!
Capital one recently released this statement to Breitbart News:
“Capital One is currently declining credit card transactions to purchase cryptocurrency due to the limited mainstream acceptance and the elevated risks of fraud, loss, and volatility inherent in the cryptocurrency market. Capital One continues to closely monitor developments in cryptocurrency markets and exchanges and will regularly evaluate the decision as cryptocurrency markets evolve.”
There are many theories swirling through the cryosphere currently with every option imaginable being floated.
Regulation seems to be one of the most undeniable and most likely however at the end of the day it is hard to know for sure. Discover has recently lost a huge portion of their market share which is likely unrelated however I am forced to ask.
Are you a Discover Card customer? If you are will you stick around and let them decide where you can spend your money?
Please leave an answer below in the comments and follow me on steemit for more recent news.