Wells Fargo, the giant traditional bank that was founded in 1852 recently stated that it won’t allow the customers to purchase bitcoin with their own funds so we are finding more about it in the altcoin news below.
The decision of the banking giant diverges from some of the other major financial institutions who are becoming more involved into crypto and blockchain technology. For example, the CEO of Nasdaq Adena Friedman believes in the cryptocurrency value and predicts that bitcoin could be the next global digital currency of the future. The CME group also saw Bitcoin promise when they started exchanging bitcoin futures contracts back in 2017 in December. After bashing bitcoin in the past, now even JPMorgan CEO Jamie Dimon changed his mind and now the banking giant is also looking into releasing their own cryptocurrency. During the second day of the testimony in the United States Senate, Jerome Powell also legitimized Bitcoin as a store of value.
In contrast, Wells Fargo takes the totally opposite direction. The company has a major anti-bitcoins stance by not allowing its customers to perform transactions that involve cryptocurrencies. The prohibition goes contrary to the bank’s vision which states:
“Customers can be better served when they have a relationship with a trusted provider that knows them well, provides reliable guidance, and can serve their full range of financial needs.”
As noted in the best cryptocurrency news sites, Wells Fargo banned the purchase of Bitcoin and other crypto assets by using the bank’s credit cards. The company’s spokesperson stated:
“Customers can no longer use their Wells Fargo credit cards to purchase cryptocurrency […] We’re doing this in order to be consistent across the Wells Fargo enterprise due to the multiple risks associated with this volatile investment. This decision is in line with the overall industry.”
When Wells Fargo claimed that Bitcoin is risky and volatile, they didn’t look back to the 2008 financial crisis when all of the markets collapsed. As a result, millions lost their homes and jobs and an economic disaster started around the world. The bank was the contributor to one of the world’s largest financial crises but it did receive about 25 billion USD of Emergency Economic Stabilization Act funds and as CBS put it:
“Wells Fargo hit the jackpot. It was one of the first banks to get bailout funds – the biggest amount awarded in a single shot: $25 billion tax dollars.”
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