Wells, Wells, Wells. Look Who Came Crawling Back.

TL;DR

• Back in 2019 Wells Fargo straight up banned its customers from buying crypto, now they’re buying up Bitcoin ETF shares like no ones business!

Full Story

If you’ve ever begged your parents for a dog, we’re guessing that your mom was way easier to convince than your dad.

In fact your dad probably dug his heels in — to the point that, even as the dog was being walked through the door, he had his arms crossed in protest

…but then — flash forward six months and those two are inseparable. Dad’s walking, feeding, and generally pampering the dog at every chance he gets. 

We’ve recently seen a similar change of heart between Wells Fargo and Bitcoin.

ICYMI: back in 2019 Wells Fargo straight up banned its customers from buying crypto — there were even whispers of crypto wealthy folks getting de-banked by them.

…but according to recent SEC filings, Wells Fargo has just started buying up Bitcoin ETF shares.

Say it with us now:

“Well, well, well. Look who came craaawling back!”

Now, it’s worth acknowledging that given the recent regulatory crackdown on crypto within the US, this is a small win.

(Almost like asking “Other than that Mrs. Lincoln, how was the play?”) 

But here’s what you need to remember: 

Those creating regulatory friction from within the SEC won’t be in power forever (they tend to cycle out every 4 years or so, depending on  which political party is in power).

While these banks stay relatively static after they’ve made a decision like this.

Point is: these regulatory headwinds should (hopefully) be short lived, while these investments in the crypto sector, from legacy financial big-dogs like Wells Fargo, are likely long term.

We love to see it!