While cryptocurrencies are getting more and more global, and the cryptocurrency market is a space that is getting into regulation, some people in financial institutions still hold some strong thoughts about them. Yesterday, it was known that some cryptocurrency traders whose earning have been obtained selling their cryptocurrencies have had a bad time dealing with financial institutions to get mortgage loans. This, according to information from CoinWire.
A user of the popular news aggregation site Reddit, pointed out that he had a hard time getting a mortgage loan approved just because some of their earnings were made by trading bitcoin. He remarked that he had to make a lot of unfear deals, and that they only revealed that they treated him like this because of his dealings with cryptocurrencies after they sealed the deal.
This kind of discrimination to cryptocurrency traders and users is not new, and it has its bases in the thought that cryptocurrency usage is mostly derived from illegal activities, like money laundering; and, in consequence, cryptocurrency users are criminals. This was cemented in the imaginary of people with a singular case: the shutdown of Silkroad, a darknet market that sold illegal products and offered forbidden services to be paid in bitcoin.
But, even if there is some truth to that, there are also honest people that trades (and uses) cryptocurrencies daily, that should not be subject to this kind of discrimination. Numerous traders have been unable to deposit their earnings after cashing out last December when the market price of several coins sky-high levels.
Another case of this is Mark Stallard, a trader that was keen on getting his first cryptocurrency loan with money that was earned investing in cryptocurrencies. But, he met the harsh truth when his deposit was denied by three institutions in a row. There is a disconnect between financial institutions and cryptocurrencies, and it is affecting people in the middle.