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Home / Business / Wells Fargo CEO Departure can be surprisingly Bullish for Bitcoin

Wells Fargo CEO Departure can be surprisingly Bullish for Bitcoin



Tim Sloan is out as CEO of the besieged Wells Fargo. The news showed curiosity and hope among crypto players that his replacement is more open to space than Sloan.

While Wells Fargo-execs was mum about who would replace Sloan, the ruminant talk quickly began to spin. To make the list are several people from J.P. Morgan.

Before saying it's a package considering the outrageous comments, CEO Jamie Dimon has made cryptos, just wait. Some of these people have expressed the desire to be open to cryptos. Anyway, if the choice is someone who thinks differently and not as a bank teacher, space is a treat.

I'm out of this

The many scandals that plagued Wells Fargo, including the creation of millions of counterfeit checks and savings accounts, are part of the reason why Sloan says he retires. Although he was not CEO during the fake account process, Sloan said he did not want to be a distraction when the bank continues to try to get back into consumer and regulator good consumers.

It's okay with crypto players Who took the problem with Debbie Downer's view of cryptos. With him at the helm of Wells Fargo, crypto acceptance in the traditional world of finance has been hampered.

Best Choice For Crypto Games

On the street, Wells Fargo plans to take in an outsider to replace Sloan who had more than 30 years in the traditional banking business. It contributed to his crypto-pessimism.

The old school's tank of thought has led many veterans to bark on the new captured crypt area. Goldman Sachs & # 39; CEO Lloyd Blankfein himself admitted that he was resistant to Bitcoin because of his news.

Fresh, outside talent should include those who do not carry the thinking of the traditional bank players. One such person is Marianne Lake, CFO of JP Morgan.

In 201

7, under a Quarterly Revenue Revenue, said the Lake:

"We are very open to the potential uses of future digital currencies that are properly controlled and regulated."

Then, it is Gordon Smith, co-chair of JP Morgan. His name came up in "almost every conversation" with investors as a potential successor, according to CNBC. It referred to analyst Erika Najarian from Bank of America, who made the comment in a March 11 note.

The problem here is that Smith is seen as a likely successor to Longtime CEO Dimon. While his co-manager said that JPMorgan is "looking at" cryptographic curves, Smith has not been flattened commented in any way.

Silicon Valley is the real threat, not cryptos

Whatever takes the helm of Wells Fargo, observers are looking for the leader to be less resistant to cryptos.

Shone Anstey, CEO and Founder of (BIG), a blockchain-agnostic analysis platform based in Vancouver, told CCN:

Banks at this time should not be about themselves with 99% of the cryptographic curves out there, as these In essence, science projects are developing new technology. However, they would become active with Bitcoin.

Anstey added that the threat to banks is not cryptos, but it is instead the entrance to the payment site of technical firms.

They just wanted to love something other than taking a 600-year-old banking industry and turning it on their heads, and they want to use the Bitcoin network to do so.

Anstey predicts that Wall Street over the next five to ten years will compete directly with Silicon Valley in banking over cryptocurrency networks.

Anstey predicts that within the next five to ten years, Bitcoin will compete directly with Silicon Valley.
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