Ex-PayPal CFO’s Bank of America Account Closed Without Warning; Time For Something Better?
The crypto community is likely to get a new enthusiast in the form of PayPal’s former chief financial officer. It appears that the ex-CFO abruptly lost access to his official account at the Bank of America.
Roelof Botha, on November 18th, revealed via a Twitter debate that BoA (Bank of America) had opted to close the account held with them. To make matters worse, the bank did not offer any official reasons as to why it chose to do so.
No Explanation Provided
While uploading a screenshotted edit of the official response given by the bank, he went on to note that:
— Roelof Botha (@roelofbotha) November 18, 2019
The closure of the account helped add an irony which many crypto enthusiasts on Twitter were quick to notice. As a report published by CoinTelegraph had noted, PayPal also has a reputation for closing down accounts as well as freezing user funds without providing any explanation for doing so.
Just last week, PayPal announced that it had stopped processing payments for independent entertainers working with an adult entertainment website, Pornhub. The move by the payment processor made it difficult for the more than 100,000 independent models working with the website to receive their retributions.
Botha Urged to Purchase Bitcoin
Today, the attention is turning towards the ability of any centralized and trusted company to control another person’s money. With crypto, and particularly Bitcoin, a third party cannot be able to limit or in this case, completely cut off access. This can only happen if an individual chooses to make use of a wallet whose private keys they do not possess.
Botha was urged by Vinny Lingham, the Civic CEO and a renowned entrepreneur to invest in Bitcoins.