Wells Fargo Vs. Bitcoin

2 min read

Customers with a Wells Fargo credit card can no longer use it to buy bitcoin and other cryptocurrencies. The California bank confirmed the new policy in an email, saying that Wells Fargo "would continue to assess the problem as the market evolves" .

The measure is taken "because of the multiple risks associated with this volatile investment "said the spokesperson, who also noted that" this decision is in line with the industry in general. " The bank follows Bank of America, Citigroup and JPMorgan Chase, all of which banned cryptocurrency purchases on their credit cards in February. Capital One in January also said it ended with the purchase of cryptocurrencies with credit cards.

Lenders have expressed concern that they would have to swallow the loss if a customer loses money by buying digital currency and can not cover the purchase. [19659003] Wells Fargo is the second largest bank in the world by market capitalization and the third largest bank in the United States by total assets .

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