Wells Fargo: US Bank changes its mind about Bitcoin

[ILuckyGuyI]

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.

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[SFR10]

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.

and only makes provision for the rich to buy.

Larger orders = More/faster profits = Less headaches

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.}

[Anonylz]

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.  

[Vishnu.Reang]

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

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.

[Nightz]

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

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.

[decodx]

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?

[bryant.coleman]

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.

[ropyu1978]

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 ''

[ene1980]

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.

[adzino]

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.

[pixie85]

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.