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News: Wells Fargo Accused Over Hypocrisy Over Recent Crypto Flip-Flopping

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0:00:00 Wells Fargo Accused Over Hypocrisy Over Recent Crypto Flip-Flopping

0:00:05 This update is brought to you by “CoinCheckup News Updates” and was originally published on “NewsBTC”.

0:00:11 Multinational financial services company Wells Fargo has been accused of hypocrisy over its seemingly confused stance on crypto assets.

0:00:20 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.

0:00:30 The third largest bank in the US announced yesterday that it will be working on its own Stable coin project.

0:00:36 Naturally, the cryptocurrency community has enjoyed poking fun at the apparent double-dealing going on at the firm.

0:00:42 It’s Really Not a Crypto Though is it?

0:00:45 Wells Fargo first showed contempt for the cryptocurrency industry earlier this summer.

0:00:50 Thanks for reaching out to us.

0:00:52 Unfortunately, Wells Fargo does not allow transactions involving cryptocurrency.

0:00:57 Of course, following yesterday’s revelation that the bank is working on its own Stable coin 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.

0:01:10 One Reddit user joked that Wells Fargo was “FUDing” and fomoing” at the same time.

0:01:16 Warren Buffett owns almost 10% of Wells Fargo.

0:01:19 Wells Fargo is creating a dollar-backed digital currency.

0:01:23 So now Warren Buffett basically loves Bitcoin, right?

0:01:27 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.

0:01:40 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.

0:01:50 Their efforts, in reality, are desperate attempts to stop people turning to real cryptocurrencies for improved financial services.

0:01:57 Thanks for checking out this video!
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