Wells Fargo, a huge traditional bank founded in 1852 to provide banking services, and mail delivery through the Pony Express, has recently come out stating that it does not allow its customers to purchase Bitcoin with their own funds.
Wells Fargo ‘Does Not Allow Transactions Involving Cryptocurrency.’
Wells Fargo’s decision diverges from other leading financial institutions, who are becoming increasingly pro-crypto technology. For example, Nasdaq CEO Adena Friedman believes in the value of cryptocurrencies and predicts that Bitcoin could be the “global currency of the future.”
The CME Group saw Bitcoin promise when it started exchanging Bitcoin futures contracts in December 2017.
On the other hand, after bashing Bitcoin for years, JPMorgan Chase CEO Jamie Dimon made a U-turn by regretting having called the cryptocurrency a fraud, and now JPMorgan Chase is getting ready to release its own cryptocurrency.
Most recently, during his second day of testimony in the U.S. Senate, Jerome Powell’s testimony legitimized Bitcoin and as a store of value.
In contrast, Wells Fargo is turning in the opposite direction. Specifically, Wells Fargo displays its anti-Bitcoin stance by not allowing its customers to perform transactions involving cryptocurrencies, as the tweet below shows,
Thanks for reaching out to us. Unfortunately, Wells Fargo does not allow transactions involving cryptocurrency. -Josh
— Ask Wells Fargo (@Ask_WellsFargo) July 12, 2019
This prohibition is contrary to Wells Fargo’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.”
However, by forbidding a customer from performing transactions in Bitcoin, Wells Fargo is not serving its customers’ “full range of financial needs.”
Bitcoin and other cryptocurrencies are risky and volatile
In June 2018,