Analyst Joseph Young: In the long run, Wells Fargo's shielding of cryptocurrency transactions has less impact on the encryption market.

Encryption analyst Joseph Young said that in the short term, Wells Fargo will not allow transactions involving cryptocurrencies such as Bitcoin to adversely affect the encryption market. But if Bitcoin continues to grow as a means of value storage (recognized by well-known investors like Mobius), then investors will use other banks. Therefore, in the long run, Wells Fargo's shielding of cryptocurrency transactions has less impact on the market. According to media sources, recently, Twitter users said that they tried to bind their Wells Fargo debit card to purchase cryptocurrency on Cash APP or Coinbase, but failed to do so. Based on this, the user asked the Wells Fargo customer service and received a response saying: "Wells Fargo does not allow transactions involving cryptocurrencies."