Wall Street’s Wells Fargo Fined $15B Since 2000: Long Bitcoin, Short The Bankers?

Wall Street’s Wells Fargo Fined $15B Since 2000: Long Bitcoin, Short The Bankers?

03/11/19 1:00 AM 2019-03-20 09:39:21
Since Bitcoin (BTC) garnered some semblance of traction on the global stage of finance, a majority of the conservative incumbents of legacy markets have been hesitant to laud the cryptocurrency. They

Since Bitcoin (BTC) garnered some semblance of traction on the global stage of finance, a majority of the conservative incumbents of legacy markets have been hesitant to laud the cryptocurrency. They (want to) believe that the digital asset is only used for criminal acts, like the laundering of money, as a medium of exchange for contraband goods, and so on and so forth. Even those that have cast aside this narrative have stuck to the speculation script, which cynics harness to bash investors over the head.

And while Wall Street talks a big game about staying compliant with the national and supranational financial legislature, the numbers reveal that institutions could be just as complicit in crimes as felons. Bitcoin creator(s) Satoshi Nakamoto themselves seemingly acknowledged this, embedding a headline regarding 2008’s Great Recession into the coinbase of the first block.

But are cryptocurrency diehards’ sardonic quips towards pompous bankers relevant? Do they even have credence?

Fines On Buffett-Approved Wells Fargo Spark Bitcoin Hype 

Barry Silbert, the former head of SecondMarket (now part of Nasdaq) and the current CEO of Digital Currency Group, claims that yes, these comments are relevant. In a recent tweet, the head of the New York-based cryptocurrency conglomerate (owns CoinDesk, Grayscale Investments, Genesis — invests in anything under the crypto sun), explained that Wells Fargo is far from the God-given angel that some Wall Streeters paint it out to be.

Silbert notes that since 2000, the San Francisco-headquartered bank, which Warren Buffett (a Bitcoin skeptic who called BTC a “delusion for charlatans” last week) has invested in, has been fined billions since 2000. In fact, the industry bigwig remarked that the company has been slammed by $14.8 billion in fines in the past 19 years, which were incurred due to over 93 counts of fraud and “other abuses.”

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