Wells Fargo asks US stock exchange to launch Bitcoin fund

avikz

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Quote from: philipma1957 on August 20, 2021, 12:56:49 PM

Quote from: NotFuzzyWarm on August 20, 2021, 12:34:32 PM

Got a link to that announcement?
Helluva change for them because historically Wells Fargo has been vehemently anti-crypto and closed many peoples accounts because they were involved with crypto.

when I had coinbase 5-7 years ago and was sending $$ to wells fargo they would ask me what it was.

I said it is from my sale of coins 🪙.

they said okay and left me alone.

In that case, you must cheer. Probably also visit the branch, meet with the manager and say the G word! Because there was a time when banking lobby tried their best to resist bitcoin. And within just few years, they realized that there is little they can do. So instead they are now trying to adopt cryptos to stay afloat and keep themselves relevant with the world. That's definitely a win!

The only question I have, will that be a physically traded fund or just a derivative based fund??

NotFuzzyWarm

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Quote from: philipma1957 on August 20, 2021, 12:56:49 PM

Quote from: NotFuzzyWarm on August 20, 2021, 12:34:32 PM

Got a link to that announcement?
Helluva change for them because historically Wells Fargo has been vehemently anti-crypto and closed many peoples accounts because they were involved with crypto.

when I had coinbase 5-7 years ago and was sending $$ to wells fargo they would ask me what it was.
I said it is from my sale of coins 🪙.

they said okay and left me alone.

Then you were one of the lucky ones. There have been many reports about it over the years here in the forum. One dealt with Josh Zipkin former head of the now long defunct AMT losing his account with them back in 2014. Then again, considering what a scammer (or reckless/clueless) guy he was/is no great loss there...

Anywho, it is still a nice turnabout for them

Coyster

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Quote from: fiulpro on August 20, 2021, 12:46:59 PM

which is absolutely Wrong because I do think the reason cryptocurrencies are very different from traditional currencies is the fact that the holder and the user, they don't have to depend on anyone or anything (internet connection ofc )

I second that, but many people in the network are unserious about taking the responsibility of being their own bank, thus they either depend on a third party service to trade/invest for them, or even to store their coins, it's somewhat ridiculous, considering the notion that Bitcoin is a network that to a large extent works to eliminate a third party, but then people would always fail to take responsibility of their funds, thus centralized/third-party services like this would continue to thrive in the network.

Quote from: pealr12 on August 20, 2021, 12:54:05 PM

for this big guys to start thinking about it means btc is on the right part,

I don't think so exactly, I feel it rather means they are coming to the realization of the benefits of being in the Bitcoin network, as for Bitcoin, it has always been what it is, a decentralized and free network, and a great source of investment, if big/rich people are finding that out now, then it's on them, the network has always been "on the right part".

philipma1957

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Quote from: NotFuzzyWarm on August 20, 2021, 12:34:32 PM

Got a link to that announcement?
Helluva change for them because historically Wells Fargo has been vehemently anti-crypto and closed many peoples accounts because they were involved with crypto.

when I had coinbase 5-7 years ago and was sending $$ to wells fargo they would ask me what it was.

I said it is from my sale of coins 🪙.

they said okay and left me alone.

pealr12

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Well whomever this news may benefit it is still a positive thing in the part of btc, for this big guys to start thinking about it means btc is on the right part, at least this news has brought back the bull run spirit in buyers and sellers, more greens in the market than couple of days back, indeed btc price is connected to positive news and can be so be easily affected with any negative news, i hope from now till end of year btc will remain bullish and more good news will come up.

fiulpro

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Quote from: Alikhaki123 on August 20, 2021, 12:31:45 PM

Wells Fargo has submitted its request to the U.S. Securities and Exchange Commission to launch a Bitcoin fund for its wealthy clients. The American banking giant has signed a partnership agreement with New York Digital Investment Group and FS Investments To create this new investment tool. Wells Fargo first announced the fund's launch in May. The request came exactly the day that Bitcoin retained a support area of $44,000 and managed to advance to a range of 45,950.

Bitcoin fund for their wealthy clients??
Who is going to pay ? Clients ofcourse and at the end of the day they can do it themselves, it's not hard to invest, they are just playing the role of *third party* which is absolutely Wrong because I do think the reason cryptocurrencies are very different from traditional currencies is the fact that the holder and the user, they don't have to depend on anyone or anything (internet connection ofc )

Quote from: NotFuzzyWarm on August 20, 2021, 12:34:32 PM

Got a link to that announcement?
Helluva change for them because historically Wells Fargo has been vehemently anti-crypto and closed many peoples accounts because they were involved with crypto.

Well this is how the world works, if you are not able to adapt to the situation and make changes then the company won't survive long.
It's the best for both, the owner and the people involved with the company. Kudos for him doing that but might as well keep in check the manipulations because the fund will be like a single entity, not individually segregated accounts.

Jating

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Maybe this link could help:

https://www.sec.gov/Archives/edgar/data/1861688/000186168821000001/xslFormDX01/primary_doc.xml

And probably this is the news that push the price above $48k now (which is a big psychological barrier).

This is not the first time though, JPMorgan Launches In-House Bitcoin Fund for Private Bank Clients.

It's pretty obvious that this big bankers are taking advantage, but who knows, it could still be a win-win situation for bitcoin market in the next couple of years.

DaveF

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Crypto Swap Exchange

Here are a few:

https://www.coindesk.com/wells-fargo-nydig-passive-bitcoin-fund
https://fortune.com/2021/08/19/wells-fargo-jp-morgan-launch-bitcoin-funds/
https://www.businessinsider.com/crypto-investing-wells-fargo-to-add-fund-to-platform-bitcoin-2021-5

From what I can see it's more targeted to rich people who want to 'get into crypto' but have someone else deal with it.
Not for people who want to buy / hold / trade. Guess they feel Coinbase / gemini / Robinhood / etc. already have that market covered and there is not enough profit in it.

Lets see if it really goes anywhere.

-Dave

NotFuzzyWarm

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Evil beware: We have waffles!

Got a link to that announcement?
Helluva change for them because historically Wells Fargo has been vehemently anti-crypto and closed many peoples accounts because they were involved with crypto.

Alikhaki123

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Wells Fargo has submitted its request to the U.S. Securities and Exchange Commission to launch a Bitcoin fund for its wealthy clients. The American banking giant has signed a partnership agreement with New York Digital Investment Group and FS Investments To create this new investment tool. Wells Fargo first announced the fund's launch in May. The request came exactly the day that Bitcoin retained a support area of $44,000 and managed to advance to a range of 45,950.

Topic: Wells Fargo asks US stock exchange to launch Bitcoin fund (Read 97 times)