TL;DR
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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!
