US Bank Wells Fargo Entered The Cryptocurrency Industry

US bank Wells Fargo entered the cryptocurrency industry. The bank will offer cryptocurrency services to its wealthy customers.

Wells Fargo, the third largest bank in the USA, will offer the opportunity to invest in cryptocurrencies to its wealthy customers. According to the news of Insider, this service of the banking institution has recently been implemented. Back in May, it was already known that Wells Fargo would enter the cryptocurrency market. The financial services company, which has $2 trillion in assets under its management, has announced that they will implement an actively managed cryptocurrency strategy on its platform for its investors. The company said that at that time, the work was in its final stages. Darrell Cronk, President of the Wells Fargo Investment Institute, said, “We believe now is the period of development, evolution and maturation required for cryptocurrencies to be viable investment assets. An environment where 9,000 cryptocurrencies generate more than $2 trillion in value clearly shows us the breadth and depth of the market. However, I still see cryptocurrencies as an alternative investment rather than a strategic savings.” Cronk stated that he believes the price of Bitcoin will increase in the long run. The bank manager said, “When you reduce the supply of anything, the price has to go up even if the demand stays the same. I think it will naturally increase over time as people become more familiar and these entities become more common. We've seen this happen consistently over the last decade but accelerated during the pandemic because platforms have become more digital.” The official entry of Wells Fargo into the cryptocurrency industry has moved the Bitcoin price upwards. The leading cryptocurrency approached $ 42 thousand from $ 39 thousand.