Wells Fargo announced that they will fight the COVID-19 outbreak by suspending evictions, property sales, and automobile repossessions. However, some customers will be allowed to purchase Bitcoin which is extremely beneficial at these times which is why we are wondering, is Wells Fargo considering using Bitcoin?
Wells Fargo is one of the few banks that are providing leniency for their customers and some are now allowing their customers to pay their mortgages later. Other is doing the same for the credit card payments and it is safe to believe that they will make more concessions during this global crisis. These moves are laudable if the major bank wishes to make a huge impact on the well-being of the customers and it is time to end the policies that block crypto. Since 2019, Wells Fargo refused access to exchanges and other institutions that provide crypto services and even prevented credit card purchases since 2018.
Opening the gates to Bitcoin purchases could help the customers access all of the options as they navigate the economic downturns. Many believe that holding bitcoin is the perfect option to pay their bills in these hard times and by blocking the access to their bank accounts, Wells Fargo makes it even harder. Others could wish to use their bitcoins to send money to distant relatives which is much needed for many across the world but they are prevented to so.
Have in mind that letting customers pay later, could be helpful but it has its downsides. Banks are understaffed and have a hard time making adjustments to remain operational. They will have to slow down their daily operations such as foreclosures and Wells Fargo understands that by pretending to be compassionate will help its public image. The benefits aside, Bitcoin and crypto advocates should not expect that Wells Fargo will end its crypto ban soon. The bank proved that the quest for profit is bigger than the well-being of the customers.
Like other major banks, the Wells Fargo executives understand the major threat blockchain assets pose to their business models but they will soon have no choice but to enter the crypto space since services such as RippleNET and IBM blockchain services will go into the market. The best bitcoin and crypto advocates can only hope that Wells Fargo is more respect for the reality of the impending crypto revolution and there’s no doubt that the leaders are becoming aware each day.
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