The big problem they’re seeing is that you can use this to make a big scam. Cryptocurrencies aren’t listed as assets. So you could buy a whole bunch on credit, declare bankruptcy, the credit card company gets little if anything, then when all the paperwork is cleared you cash out your crypto, you win, banks lose. I wouldn’t be surprised if they’ve already seen some folks doing it.
Moving beyond crypto currency and big banks,,,I have heard that block-chain processes(what ever those are) will be a new form of data storage and/or data security. That non crypto currency block chain will be useful.
Sorry no sale. The scheme you describe applies to a thousand other purchases.
Substitute in your paragraph the word ‘timeshares’ for ‘cryptocurrencies’ and the same scenario is molded. One can find dozens of other products without much effort.
See post #5 for the real reason why bankers are scared sh*tless of cryptomoney.
Cryptocurrencies are all based on BLOCK CHAIN TECHNOLOGY or BCT. BCT is a mortal threat to bankers just as hydraulic fracturing of oil shale is a mortal threat to OPEC. The analogy is accurate and precise.
Wow, you have all the answers.
I guess I will just tell the IRS that the cash from bitcoin is make-believe. I don’t think they will agree.