TL; DR
Full story
If you’ve ever begged your parents for a dog, we suspect your mother was much easier to convince than your father.
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 the two are inseparable. Dad walks, feeds and generally spoils the dog every chance he gets.
We recently saw a similar change of heart between Wells Fargo and Bitcoin.
ICYMI: in 2019, Wells Fargo outright banned its customers from buying crypto – there were even rumors that crypto-rich people would be forced to close their banking because of them.
…but according to recent SEC filings, Wells Fargo just started buying up Bitcoin ETF shares.
Say it with us now:
“Well, well. Look who came back!”
Now it’s worth recognizing that given the recent crackdown on cryptocurrencies in the US, this is a small victory.
(Almost like asking, “Next, Mrs. Lincoln, how was the play?”)
But here’s what you need to remember:
Those who create regulatory friction within the SEC will not stay in power forever (they tend to disappear about every four years, depending on which political party is in power).
While these banks remain relatively static after making a decision like this.
Point is: These regulatory headwinds should (hopefully) be short-term, while these investments in the crypto sector, from legacy financial big dogs like Wells Fargo, will likely be long-term.
We’d love to see it!
