Wells Fargo: US Bank changes its mind about Bitcoin

pixie85

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Quote from: SFR10 on May 23, 2021, 08:49:50 AM

Quote from: Pokapoka124 on May 20, 2021, 01:07:43 AM

Is this just a whale manipulation?

The timing is a bit weird but personally, I see this as nothing but a strategic move by Wells Fargo.

Weird? How come? Do you mean the current price?

To banks the price doesn't matter, as their policies take time to change. They could've thought about it 6 months ago, when Bitcoin was trading for 20 thousand, but it took this long to prepare all the paperwork and get all the board members to vote for it and sign up, set up the software and such. Each of their new ideas has to be discussed with a bunch of lawyers too.

adzino

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I have heard about this months ago and did recently read that they are now offering crypto services. As far as I know, they are just offering it to wealthy clients. Not all. Just some selected clients through invitation. Probably doing a risky experiment. The bank will handle everything and will do "strategic" investment. So I am guessing they will be buying it on behalf of their clients and hold it. Wouldn't be surprised to hear that they make their clients sign papers stating they might lose everything. Sad those "wealthy" clients need a banks help.

ene1980

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Quote from: Pokapoka124 on May 20, 2021, 01:07:43 AM

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.

There is nothing to be suspicious here, during a rally and when majority of the banking sectors are getting business it is natural for a banking marketing team to promote the cryptocurrency market so that they are hoping that they will get more customers which means more profit and that is my take on this and i am not thinking about manipulation.

ropyu1978

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we banks change their mind about bitcoin, whatever they tweet about bitcoin there must be a specific purpose, there must be an elephant behind a rock, there must be a shrimp behind a bakwan, which is certain that our bank wants to take advantage of that opportunity, in the end they will definitely want to find a big profit ''

bryant.coleman

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Quote from: Nightz on May 23, 2021, 03:25:46 PM

They all changed their minds step by step. There is probably hardly any bank that is not going to offer Bitcoin and Ethereum products to its wealthy clients very soon.

The important point to note here is that these services are only available for the wealthy clients, who can hold on to coins for at least 3-4 years. For the ordinary investors, these options are not available. Perhaps this is a good step taken by Wells Fargo. We have all seen how the inexperienced investors behave when a correction occurs. They dump all of their coins, creating issues for the other investors as well. If the noobs want some Bitcoin, then they can purchase them using a PayPal account. And if they know the basics of cryptocurrency, then they can also opt for a P2P platform to purchase their coins.

decodx

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Quote from: Nightz on May 23, 2021, 03:25:46 PM

They all changed their minds step by step. There is probably hardly any bank that is not going to offer Bitcoin and Ethereum products to its wealthy clients very soon.

Yeah. At some point the mainstream will know about cryptocurrencies. The naysayers may ridicule it, but we will still see a huge increase in consumer demand for cryptocurrency-related products in the future. If and when this happens, Bitcoin (and other cryptocurrencies) could go much higher than they are today.
But just how far will cryptocurrency take us in 2021?

Nightz

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Quote from: Vishnu.Reang on May 23, 2021, 10:42:20 AM

Not a big fan of Wells Fargo, but the link posted by the OP was two years old. This is a more recent news article:

https://www.bbc.com/news/business-57147386

Quote

Another big US bank is set to introduce a crypto-currency fund, despite the recent fall in value of Bitcoin. Wells Fargo said on Wednesday it would introduce professionally managed funds for its more wealthy clients.

It just confirms what we were suspecting for so long. The institutional investors and the uber-rich are using these opportunities to accumulate as many coins as they can. In the long term, the prospects of Bitcoin looks very bright and they know that. Unfortunately, many of the individual and small scale investors continue to dump their coins at barebone prices and they fail to notice what is going on in the market.

They all changed their minds step by step. There is probably hardly any bank that is not going to offer Bitcoin and Ethereum products to its wealthy clients very soon.

Vishnu.Reang

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Not a big fan of Wells Fargo, but the link posted by the OP was two years old. This is a more recent news article:

https://www.bbc.com/news/business-57147386

Quote

Another big US bank is set to introduce a crypto-currency fund, despite the recent fall in value of Bitcoin. Wells Fargo said on Wednesday it would introduce professionally managed funds for its more wealthy clients.

It just confirms what we were suspecting for so long. The institutional investors and the uber-rich are using these opportunities to accumulate as many coins as they can. In the long term, the prospects of Bitcoin looks very bright and they know that. Unfortunately, many of the individual and small scale investors continue to dump their coins at barebone prices and they fail to notice what is going on in the market.

Anonylz

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I hope he and his team already understand how btc is mined? We don't want another Elon stunt, same way Elon was pessimistic about crypto for a long time then suddenly he became interested, few weeks later he cares more about the environment (which am not against)
I won't be so please about Wells Fargo announcement just yet, there could be some strings attached. Roll Eyes

SFR10

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Quote from: Pokapoka124 on May 20, 2021, 01:07:43 AM

Is this just a whale manipulation?

The timing is a bit weird but personally, I see this as nothing but a strategic move by Wells Fargo.

Quote from: Pokapoka124 on May 20, 2021, 01:07:43 AM

and only makes provision for the rich to buy.

Larger orders = More/faster profits = Less headaches

Quote from: Pokapoka124 on May 20, 2021, 01:07:43 AM

But could a new announcement from the banks be the revival we need?

If by revival you're referring to its value in USD ^{[and etc...]}, then you should look at BTCitcoin from a different perspective...
^{- The main reason behind creating BTCitcoin, wasn't to make it the next most popular investment asset out there and when people start using it for the wrong reasons, bad things happen.}

ILuckyGuyI

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Quote from: Pokapoka124 on May 20, 2021, 01:07:43 AM

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?

It is good news and suspicious at the same time, yeah. I hope that it is really an intimate statement from Wells Fargo. There have been many people and companies that changed their minds about Bitcoin in time also. Maybe Wells Fargo is really one of them now.

KaliLinux

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Quote from: Pokapoka124 on May 20, 2021, 01:07:43 AM

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?

If anybody still doesn't understand this by now then it is that investor that is been left out. These people/organizations have seen the potential of Bitcoin and will silently invest in it or will shamelessly eventually announce their investment in it and we are seeing this now whilst investors that already have Bitcoin are Fuding their selves out, people/organizations that understand are buying their way in with this dips which were their purpose of causing the Fud in the first place.

Marvelman

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JPMorgan published something similar a month ago.
JPMorgan to Let Clients Invest in Bitcoin Fund for First Time

It seems that bankers also want to ride the wave of market manipulation.

lifeforcepools

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Quote from: avikz on May 20, 2021, 01:02:31 PM

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!

If we consider the situation in this way, then yes, this is another step towards the adoption of cryptocurrencies in society.

crwth

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What if they have collaborated with some of the top influencers of Bitcoin to say something negative about it and hope that it dumps and then they would buy at that dip. Imagine, after a few days, it just came back to the top price. Buying BTC at that time would have given you a profit of a large amount and it's just a couple of days.

We all know that we are here for the long run but those whales can move the market with their stacks and probably need some quick money or something.

You do know that Bitcoin has been killed multiple times but it still recovered in price. It's just that there are a lot of people that have probably made money with their influence in the market.

iram3130

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The institutions now are just trying to get into crypto anyhow possible. These guys will do anything possible in order to get what they want, they don't think about the common man or his interests. We have already seen their statements in the past and they are just here to make a profit and nothing else. It's better to just ignore them and continue with your strategies.

franky1

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as with all things, nothing is ever initially illegal.
so free markets cant just suddenly 'licence' things to only the few..

all things that the elites want the privilege of, they first have to do an outright ban on everyone. and then loosen the rules for their privilege.

its how the NY bitlicence happened.
they baned it in NY and then the government guy that implemented the bitlicence. then resigned and joined a private company to advise elitists on how they can get a licence to be able to get bitcoin
funny that.. but nothing new

same happened with alcohol 100 years ago. ban it to destroy the home brewery/moonshiners. then later only allow it to be sold if under a alcohol licence/permit

and its how slowly normal people wont be able to just make a wire transfer and buy bitcoin themselves.
because normal mainstreet residential banks wont allow wire transfers to exchanges

it will become an example where people have to use certain institutional exchanges to buy 'options'/ETF shares in bitcoin trusts rather than buying the actual bitcoin.

future advice. not needed immediately. but for prep:
hoard any coins you got. and do what i do. have local people you know that want to buy in and i do cash in hand trades with them.

davis196

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Quote from: lifeforcepools on May 20, 2021, 02:44:55 AM

Is anyone really interested in what banks think about crypto?

Yes,the crypto traders are interested,because such news might help for pumping the crypto prices back to the bull run.
Anyway,the banks will never become true supporters of cryptocurrency.They just want to gain new customers and make more revenue and profits,which is perfectly fine,but the government/FED will hit them real hard,if they decide to truly embrace cryptocurrencies.

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Quote from: Bitway_ on May 20, 2021, 11:48:25 PM

Bitway solves the environmental concern and decentralized mining.

I think our project deserves more attention, as it is actually great.

Bitway_

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bbc.reporter

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Quote from: lifeforcepools on May 20, 2021, 02:44:55 AM

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

iamsheikhadil

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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.

jseverson

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Quote from: Pokapoka124 on May 20, 2021, 01:07:43 AM

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.

TravelMug

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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.

Streets 2.0

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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.

Fortify

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Quote from: Pokapoka124 on May 20, 2021, 01:07:43 AM

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.

Kabul

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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.

Cryptoshops

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Quote from: lifeforcepools on May 20, 2021, 02:44:55 AM

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

avikz

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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.

Quote from: lifeforcepools on May 20, 2021, 02:44:55 AM

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!

lifeforcepools

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Is anyone really interested in what banks think about crypto?

Pokapoka124

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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?

Topic: Wells Fargo: US Bank changes its mind about Bitcoin (Read 327 times)