According to a report by The Times dated Jan. 9, HSBC, one of the largest banks in the U.K., will not let Bitcoiners cash out their gains following the cryptocurrency’s record-breaking rally.
Meanwhile, other leading banks refuse to accept credit cards for cryptocurrency purchases.
As Bitcoin continues to gain users and the rate of FOMO on the rise, banks are no doubt going to be feeling the threat.
Traditionally the most place for people to invest or save their money have always been through the banks but that is gradually changing, options of cryptocurrencies as well as stablecoins are surfacing by the day.
More reason for the banks to sit on your crypto gains and not let you withdraw.
I do however feel cashing out crypto gains via the bank is asking for trouble, I will rather do some OTC sale if I do need fiat which does not completely eliminate the banks getting snoopy but might get them off my back. A crypto debit card is another option and probably a few other options out their.
I just do not want the banks in my business!
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