Scott Dedels, a crypto author, took to X, notifying the community that a bank had blocked two separate Bitcoin purchases without any “concrete” reason given. Dedels now wants people to withdraw funds, saying financial institutions shouldn’t control how their clients decide how they spend their monies.
Bank Blocks Bitcoin Transaction, What’s Going On
Bitcoin remains the world’s largest and liquid cryptocurrency, looking at its market cap. Despite this, Bitcoin is not approved as legal tender in most jurisdictions, except El Salvador, where the government accepts BTC as a medium of exchange.
Still, BTC is designed to not only act as a medium of exchange (MoE), just like money, but also as a store of value, more like gold. The global, borderless nature of crypto means the coin can be used conveniently to pay for services rendered.
While convenient, Bitcoin and crypto assets remain volatile, with some global banks increasing surveillance to crack down on scams.
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