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Topic: Wells Fargo: US Bank changes its mind about Bitcoin - page 2. (Read 326 times)

legendary
Activity: 3122
Merit: 1492
Is anyone really interested in what banks think about crypto?

Yes, many people are. There are also people who think they want bitcoin to be regulated because  they think it might be good for the price hehe. They might not have thought of the regulatory crackdown this might cause in the cryptospace.

In any case, the fud has begun. We will read bearish news more than bullish news from mainstream media and some of the bitcoin media websites. It was only last week when everything we can read about bitcoin was positive. I reckon the storyline has changed.



The Bank of Canada said volatility in cryptocurrency assets is an emerging vulnerability to the country’s financial system, a day after a major selloff in the sector.

The central bank also flagged risks associated with so-called stablecoins -- cryptocurrencies that are pegged to a more stable asset to reduce volatility. If widely used, they have the potential to disrupt the bank’s monetary policy mechanisms. “Unless stablecoins are backed exclusively by Canadian dollars, their widespread adoption could inhibit the Bank’s ability to implement monetary policy and act as lender of last resort,” the bank said.

Despite the broadening institutional interest in cryptoassets, they continue to be considered high risk because their intrinsic value is hard to establish,” the Bank of Canada said.


Source https://www.bloomberg.com/news/articles/2021-05-20/bank-of-canada-calls-crypto-assets-an-emerging-vulnerability-kowzgh8y
full member
Activity: 1022
Merit: 133
If it was earlier, I would have said otherwise, but seeing one of the guy I get inspired from (Elon Musk) manipulating the market clearly with his time passing tweets, I have no doubts when anyone blames or accuses any bank or influential person to manipulate the price of crypto for their own gains/personal interests  Roll Eyes and it also throws a direct question to us, the common investors and holders and those who believe in it, should we really allow them to play with our minds? That's pure slavery.
hero member
Activity: 1834
Merit: 759
I find this new action of Wells Fargo bank suspicious. Is this just a whale manipulation? Just after a massive dip, a famous US bank decides to changes their opinion about Bitcoin and only makes provision for the rich to buy. JP Morgan and others have been proved to be hypocrites after calling bitcoin a fraud, they later go ahead to embrace crypto.

I mean, less than rich people would probably just buy crypto directly if they wanted to invest anyway. That's not strange to me at all. A lot of banks have already flip-flopped, so this isn't strange either -- I'm sure they're feeling demand from their clients after seeing institutions get in on the action. Banks will go where the money is, and crypto is profitable at the moment. They're hypocrites for sure, but I don't think that's surprising.

It is a bit strange that it was announced after the dip, but it's possible that they've been planning this for a while. It's also worth noting that Bitcoin is still in a very good spot; even Tesla, which contributed to the drop, is still holding their stash, and you just know Elon will want to try to pump it eventually lol.
hero member
Activity: 2632
Merit: 833
We don't need any statements for bitcoin to bounce back.

Bitcoin can recover from the recent FUD and attacks from Elon, no doubt at it. His announcement will have a dent in the price but it won't last that long. As for banks, they are in the business of making money, so every assets they can find that will make their clients more money and then profits for them will surely be in their radar.
full member
Activity: 490
Merit: 101
FRX: Ferocious Alpha
I think this is very similar to an attempt to seize the initiative from China, which recently announced a ban on cryptocurrency and transactions with it. This creates a vacuum that the United States wants to fill. Where to go to all those Chinese investors with their assets? Why not change the location of assets from China to the USA if legalization and a favorable climate are maturing there.
legendary
Activity: 2688
Merit: 1192
Wells Fargo now calls bitcoin an investable asset and is offering only their wealthy client a chance to buy in. This comes as a shocker especially when I think about their pessimistic view on cryptocurrencies and  actions
https://coinrivet.com/wells-fargo-bans-customers-from-purchasing-cryptocurrency/

I find this new action of Wells Fargo bank suspicious. Is this just a whale manipulation? Just after a massive dip, a famous US bank decides to changes their opinion about Bitcoin and only makes provision for the rich to buy. JP Morgan and others have been proved to be hypocrites after calling bitcoin a fraud, they later go ahead to embrace crypto.
https://www.google.com/amp/s/www.coindesk.com/wells-fargo-plans-to-offer-crypto-investment-to-some-clients%3famp=1

Bitcoin had a massive dump this month after the CEO of Telsa, Elon Musk said he was concerned about its environmental impact. But could a new announcement from the banks be the revival we need?

This sort of change of heart should tell you one thing: The rich have way too much money and love diversifying their assets in an effort to make even more. At this point they must have a lot of clients saying "I heard my friend in the golf club say he made ten million after he bought some dogecoin for under 1 cent a piece using some pocket change". The investment banks are always trying to stay on the right side of the US government, as they've paid many fines and had legal charges against them in the past. Something must be telling them that the US government is likely to regulate this source of funds rather than try to ban it outright, which would devastate the price. I'd totally remove Elon from the equation because he changes his mind more than the tides.
sr. member
Activity: 619
Merit: 250
A few statement from banks do not brighten the situation because we have coincident FUDs happening in the same time, not just Elon Musk. Institutional investors start to take profit by selling thousands to hundred thousands of bitcoin in just a few days.

This news can be a good sign for the future in a next couple years.
member
Activity: 271
Merit: 10
Is anyone really interested in what banks think about crypto?

 If we did not have banks we could not cash out for fiat and crypto would be pretty much useless
legendary
Activity: 3080
Merit: 1500
Lol! Its' good that global banks like Wells Fargo has understood the impact of cryptocurrencies and also understood that if they don't go with the flow, it wouldn't take long before they become extinct. So they are just testing the water before finally jumping into. That's why they have chosen WHNI clients who has bigger risk appetite to survive frequent fluctuations in the market. Once they are satisfied, then Wells Fargo can start offering their investment postpositions to the retail client.

Is anyone really interested in what banks think about crypto?

I believe yes! Because Banking lobby is the strongest contender of bitcoin in the financial market. Banking lobby is the major reason why bitcoin is not legalized in many countries. So it's a great sight to see when a competitor tries to make adjustments in their portfolio seeing your success. So yes, people are interest!
sr. member
Activity: 616
Merit: 253
Is anyone really interested in what banks think about crypto?
hero member
Activity: 1148
Merit: 555
Wells Fargo now calls bitcoin an investable asset and is offering only their wealthy client a chance to buy in. This comes as a shocker especially when I think about their pessimistic view on cryptocurrencies and  actions
https://coinrivet.com/wells-fargo-bans-customers-from-purchasing-cryptocurrency/

I find this new action of Wells Fargo bank suspicious. Is this just a whale manipulation? Just after a massive dip, a famous US bank decides to changes their opinion about Bitcoin and only makes provision for the rich to buy. JP Morgan and others have been proved to be hypocrites after calling bitcoin a fraud, they later go ahead to embrace crypto.
https://www.google.com/amp/s/www.coindesk.com/wells-fargo-plans-to-offer-crypto-investment-to-some-clients%3famp=1

Bitcoin had a massive dump this month after the CEO of Telsa, Elon Musk said he was concerned about its environmental impact. But could a new announcement from the banks be the revival we need?
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