News that some Mortgage Lenders in the UK are refusing loans to those who are using crypto for their deposit – even if they have converted it to fiat money.
This, in fact, is rather like refusing someone who comes in with a carrier bag full of cash. “Here’s 50,000 in 50-pound notes I’ve saved up over the years please can I have a mortgage”.
The fear in the world of “normal money” of nasty evil cryptocurrency is huge, and in some ways, rightly so. Cryptocurrency if it gains wide acceptance would completely remove the need for people to have money controlled by governments and banks, it could completely wipe out debt as well, as debt is not part of the structure of cryptocurrency.
Building societies are basically saying that because cryptocurrency is unregulated (it is actually regulated by the blockchain, but its USE is unregulated), then it is in the highest risk category.
So if you’re going for a mortgage, make sure you have Fiat currency and don’t mention the words “Bitcoin or Cryptocurrency” at all. You’ve just been saving hard.
There will be a fight one day for control of money. All it takes is enough people to realise the freedom from debt, interest and control that cryptocurrency will bring.
With freedom comes great responsibility. But I’d rather have the freedom to do what I want with the money that I have.
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