Wells Fargo Accused Over Hypocrisy Over Recent Crypto Flip-Flopping

Wells Fargo Accused Over Hypocrisy Over Recent Crypto Flip-Flopping

 

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? Although it’s definitely fun to poke fun at banks, […]