NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Wells Fargo Accused Over Hypocrisy Over Recent Crypto Flip-Flopping

Rick Delafont
Rick Delafont
5 years ago
3 mins read
crypto bitcoin hyprocrite

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Multinational financial services company Wells Fargo has been accused of hypocrisy over its seemingly confused stance on crypto assets. Whereas the firm has previously stated that it does not allow transactions involving cryptocurrency, it now appears that the financial giant is experimenting with its own digital currency.

The third largest bank in the US announced yesterday that it will be working on its own stablecoin project. Naturally, the cryptocurrency community has enjoyed poking fun at the apparent double-dealing going on at the firm.

It’s Really Not a Crypto Though is it?

Wells Fargo first showed contempt for the cryptocurrency industry earlier this summer. In response to a question posted the banking giant’s Twitter, it replied that it did not support cryptocurrency transctions:

Thanks for reaching out to us. Unfortunately, Wells Fargo does not allow transactions involving cryptocurrency. -Josh

— Ask Wells Fargo (@Ask_WellsFargo) July 12, 2019

Of course, following yesterday’s revelation that the bank is working on its own stablecoin digital currency, many took the opportunity to call the bank out for apparent hypocrisy or to interpret the news as a bullish signal for the crypto asset market. One Reddit user joked that Wells Fargo was “FUDing” and FOMOing” at the same time.

Meanwhile, popular podcaster and co-founder of Morgan Creek Digital, Anthony Pompliano, Tweeted the following about the stablecoin announcement:

Warren Buffett owns almost 10% of Wells Fargo.

Wells Fargo is creating a dollar-backed digital currency.

So now Warren Buffett basically loves Bitcoin, right? 😂

— Pomp 🌪 (@APompliano) September 17, 2019

Although it’s definitely fun to poke fun at banks, especially when it comes their own often hypocritical actions, it’s important to remember that banking giants are only experimenting with elements of crypto assets because their very survival is threatened. Faced with permissionless, borderless, almost free competition from the likes of Bitcoin, bankers must move fast to preserve their increasingly threatened and immensely privileged existence. Their efforts, in reality, are desperate attempts to stop people turning to real cryptocurrencies for improved financial services.

Had Bitcoin and other cryptocurrencies not started to represent a real threat to the banking status quo, it seems unlikely that any bank would be moving at light speed to create its own digital settlement currency. If the general public just assumes that value always needs to take days to travel the globe, why would it clamour for any improvement?

Cryptocurrency has changed this and has forced the banks into action. However, their closed network systems represent nought but a tiny fraction of the overall innovative potential of cryptocurrency. That innovative potential may well eventually do away entirely with much of the current banking business model.

Given the buzz around cryptocurrencies at the moment, it’s understandable that many media publications lump any effort by a business at creating a digital cash in with cryptocurrencies. The term is popular on Google Trends and accusations of hypocrisy or excitement from the cryptocurrency community make for even more clicks and more advertising revenues.

However, there should be a concerted effort to stop calling digital currencies like Wells Fargo’s cryptocurrencies. They represent little more than digitised versions of dollars. In designing their systems, banks will certainly be careful to strip away all the really revolutionary properties of crypto. This leaves just a faster, cheaper way for banks to send each other money. Hardly the kind of world-shaking change that Bitcoin advocates believe is on the horizon, is it?

 

Related Reading: Trump Administration Hates Bitcoin but Fine with Off-Shore Tax Havens?

Featured Image from Shutterstock.
Tweet123Share237ShareSend
Rick Delafont
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin

Bitcoin Price Trajectory To $155,000: Why No Major Dips Are Expected From Here

The Bitcoin price is once again commanding the spotlight as bullish momentum propels the leading cryptocurrency to new all-time highs....

Scott Matherson 2 hours ago
portofel crypto multi-chain non-custodial

De ce ai nevoie de un portofel crypto de calitate?

De ani buni, portofelele crypto au devenit o componentă esențială pentru oricine explorează lumea DeFi a criptomonedelor. Astăzi, zeci de...

antonio 2 hours ago
Bitcoin

Bitcoin Ignites Intraday Optimism With A Step Past $119,000 Threshold

Shaco AI, in a fresh update, highlighted that Bitcoin is showing off its moves, dancing upwards past both the 25-hour...

Godspower Owie 4 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

비트코인 12만 돌파... 99비트코인 보고서가 짚은 '2025 상승장의 핵심 동력'

비트코인 11만 돌파… 99비트코인 2분기 보고서가 짚은 ‘2025 상승장의 핵심 동력’

Soyeon Lee 15 minutes ago

From Token Chat to 10 Cents: How FUNToken’s Group-Driven Growth Is a Model for Web3 Community Building

News BTC 22 minutes ago
$30B In Bitcoin Added By Accumulator Wallets: Are Long-Term Players Preparing Early?

$30B In Bitcoin Added By Accumulator Wallets: Are Long-Term Players Preparing Early?

Sebastian Villafuerte 1 hour ago

Premium Sponsors

Press Releases

  • 新BTCレイヤー2プロジェクト、仮想通貨プレセールで250万ドルを調達 — 今買うべき暗号資産とは?

    ...

    1 hour ago
  • BTC breaks through $122,300, GoldenMining users earn...

    1 hour ago
  • 仮想通貨 おすすめ|0.0015ドル以下の安価トークンがDOGEを上回り、4ヶ月で0.30ドル到達へ

    仮想通貨...

    1 hour ago
  • 2 criptomonede accesibile cu potențial de 9.000%, asemănătoare cu achiziția Ethereum la 35 lei în 2017

    2 criptomonede accesibile cu potențial de 9.000%...

    2 hours ago
  • ビットコイン120,000ドル突破、恐怖と欲望指数74:新しい仮想通貨がBTCの急騰を後押しする可能性

    ...

    2 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.