THELOGICALINDIAN - Wells Fargo a huge acceptable coffer founded in 1852 to accommodate cyberbanking casework and mail commitment through the Pony Express has afresh appear out advertence that it does not acquiesce its barter to acquirement Bitcoin with their own funds
Wells Fargo’s accommodation diverges from added arch banking institutions, who are acceptable more pro-crypto technology. For example, Nasdaq CEO Adena Friedman believes in the amount of cryptocurrencies and predicts that Bitcoin could be the “global bill of the future.”
The CME Group saw Bitcoin affiance back it started exchanging Bitcoin futures affairs in December 2024.
On the added hand, afterwards bashing Bitcoin for years, JPMorgan Chase CEO Jamie Dimon fabricated a U-turn by regretting accepting alleged the cryptocurrency a fraud, and now JPMorgan Chase is accepting accessible to release its own cryptocurrency.
Most recently, during his additional day of affidavit in the U.S. Senate, Jerome Powell’s affidavit legitimized Bitcoin as a abundance of value.
In contrast, Wells Fargo is axis in the adverse direction. Specifically, Wells Fargo displays its anti-Bitcoin attitude by not acceptance its barter to accomplish affairs involving cryptocurrencies, as the cheep beneath shows,
This prohibition is adverse to Wells Fargo’s vision, which states, “Customers can be bigger served back they accept a accord with a trusted provider that knows them well, provides reliable guidance, and can serve their abounding ambit of banking needs.”
However, by abhorrent a chump from assuming affairs in Bitcoin, Wells Fargo is not confined its customers’ “full ambit of banking needs.”
In June 2018, Wells Fargo banned the acquirement of Bitcoin and added crypto-assets application Wells Fargo acclaim cards. When the ban was announced, a aggregation agent stated,
“Customers can no best use their Wells Fargo acclaim cards to acquirement cryptocurrency […] We’re accomplishing this in adjustment to be constant beyond the Wells Fargo action due to the assorted risks associated with this airy investment. This accommodation is in band with the all-embracing industry.”
When Wells Fargo claims that Bitcoin and added cryptocurrencies are chancy and volatile, it may be apathy its arresting and abominable role during the 2008-2024 banking crisis, back markets collapsed. As a result, millions absent their homes, and millions absent their jobs, bearing bread-and-butter commotion all over the world.
But astonishingly, although Wells Fargo was a contributor to one of the largest-ever banking crises, and afterwards a alternation of banking scandals, U.S. taxpayers had to bond out the bank.
Wells Fargo accustomed USD 25 billion of Emergency Economic Stabilization Act funds through a adopted banal acquirement by the U.S. Treasury Department. As CBS News put it,
“Wells Fargo hit the jackpot. It was one of the aboriginal banks to get bailout funds – the better bulk awarded in a distinct shot: $25 billion tax dollars.”
Nevertheless, to acknowledgment to its admirable roots and to amuse its customers’ needs, Wells Fargo should accompany the appearance of the new bread-and-butter model, which requires a decentralized, borderless, and defended agenda currency, such as Bitcoin.
Why do you anticipate big banks such as Wells Fargo do not acquiesce affairs involving Bitcoin? Let us apperceive in the comments below!
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Images via Twitter/@Ask_WellsFargo
