Every cryptocurrency proponent looks forward to a world where adoption of digital assets will be so widespread that most of the major financial institutions, if not all, would comfortably accept cryptocurrency.
It’s true that the sector is experiencing a lot of backlashes but it’s also true that support is significantly increasing. While many traditional institutions are trying to catch on, some others – like Wells Fargo – currently want nothing to do with cryptocurrency.
Wells Fargo is Anti-Crypto
Wells Fargo, the fourth-largest bank by market capitalization and by total assets, has obviously not caught the crypto bug as it does not allow any cryptocurrency related activity pass through. This was revealed on Twitter when one of the bank’s many account holders complained about his inability to purchase digital assets using funds from his Wells Fargo account.
According to the user (@l3l2ucelee):
“Something fishy is going on with my bank Wells Fargo… I can’t buy crypto on cash app or Coinbase… I tried to attach my debit card and it said ‘card not found’ and I just used it to pay my bills.”
The tweet then got the attention of the Wells Fargo customer care account (@Ask_WellsFargo) which then responded saying:
“Thanks for reaching out to us. Unfortunately, Wells Fargo does not allow transactions involving cryptocurrency.”
There is Still Some Delay with Adoption
Reactions towards the indirect announcement almost immediately began to pour in and one came from founder and CEO of Digital Currency Group, Barry Silbert. Silbert, who is a very popular crypto bull responded saying:
“Wells Fargo, not a fan of bitcoin.”
Apparently, there is still some delay with cryptocurrency adoption among traditional institutions as a lot is still unclear. Arthur Hayes, CEO of Bitmex, recently expressed that cryptocurrency has the power to relegate traditional banking systems and make them obsolete. If the traditional banks already feel like this, then it might make sense that they aren’t exactly willing to load an enemy’s gun with bullets.
Also, the American government is generally not a big fan of crypto. Since Facebook announced the Libra, the government through a few representatives, have publicly voiced their disapproval, even asking Facebook to suspend plans on the project.
More recently, U.S. President, Donald Trump, said in a tweet that he isn’t a fan of Bitcoin and other cryptocurrencies because they are “unregulated” and can “facilitate unlawful behavior”.
While some are celebrating the comments as one of the most high-profile mentions Bitcoin and the crypto industry has ever gotten since inception, it is also possible that institutions who haven’t exactly been in support have taken the President’s tweets as more backing to disallow cryptocurrency.