- Third largest US bank not allowing people to buy Bitcoin or crypto
- Wells Fargo takes a turn in the opposite direction while leading financial institutions goes pro-crypto tech
While the leading financial institutions are taking a special interest in cryptocurrencies and the technology behind it, United States bank, Wells Fargo – the third largest in the country is taking a different route, not allowing to buy Bitcoin or cryptos.
Wells Fargo Looking into Other Direction
On one hand, JPMorgan Chase created their own cryptocurrency called JPM Coin, making a U-turn after its CEO Jamie Dimon called Bitcoin and cryptocurrencies a fraud.
Institutions like Fidelity Investments, TD Ameritrade, and Nasdaq’s parent company ICE, have already announced their Bitcoin-related plans. Earlier this year, Nasdaq CEO, Adena Friedman predicted that Bitcoin could be the “global currency of the future.”
Most recently, US President Donald Trump tweeted about Bitcoin and cryptocurrencies, needing to ensure the citizens that there is only one reserve currency and that is US Dollar. Trump’s remarks came after the Fed Chairman, Jerome Powell validated bitcoin by calling it a ‘store of value, like gold.
On the other hand, Wells Fargo has taken a turn in the opposite direction. The bank’s anti-crypto stance can be seen clearly through the below tweet.
Thanks for reaching out to us. Unfortunately, Wells Fargo does not allow transactions involving cryptocurrency. -Josh
— Ask Wells Fargo (@Ask_WellsFargo) July 12, 2019
in its comments on the risks of Bitcoin and cryptocurrencies.
Wells Fargo’s vision might be to serve their customers “full range of financial needs” but by forbidding them to perform transactions in cryptocurrencies, it’s doing exactly the opposite.
Bitcoin & Cryptos Volatile & Involved in Frauds, Oh, the Irony!
Back in 2018, the bank banned the purchase of Bitcoin and cryptocurrencies through its credit cards, citing crypto-assets being a volatile investment.
However, it only gave another reason why centralized financial institutions can not be trusted. The outdated financial industry is not only untrustworthy but also controlled by numerous agencies and government departments.
It makes sense that a decentralized cryptocurrency system should take its place.
The bank, however, seems to be following its largest shareholder, Berkshire Hathaway’s Chairman and CEO Warren Buffett’s opinions about Bitcoin. On a number of occasions, Buffett has called BTC a “gambling device” that has ‘lots of frauds’ connected with it.
What’s ironic is, Wells Fargo has been engaged in various frauds itself. From fake account scandal, improperly repossessing service members’ cars, overcharging small business retailers to more fake accounts, discrimination against black and Latino borrowers, altering business information without client knowledge, leading investors astray, paying $2.1 billion for its role in the housing bubble and a lot more, the bank has been involved in all kinds of nefarious activities.
While Wells Fargo is busy in scamming its customers, it fails to notice the irony