“Long Bitcoin (BTC), short the bankers” has long been the war cry of crypto’s diehards, known for their use of rhetoric to convey a point. While many cynics cast aside these enthusiasts as near-religious zealots, blinded by “magical internet money,” these anti-establishment tones were validated on Tuesday, as reports arose that a legendary financial services provider was slapped with a fine. And it wasn’t any old fine, it was a $650 million one.
On Tuesday, the Wall Street Journal divulged that the European Commission, a regulatory facet of the E.U., hit Mastercard with a hefty €570.6 million fine, which equates to about $648 million U.S. dollars. Europe’s antitrust entity claimed that the New York-headquartered payment giant, valued at $206 billion on the public stock market, “artificially” raised credit and debit card fees in the Union’s nations.