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Wells Fargo CEO Resignation Could Be Surprisingly Bullish for Bitcoin

Tedra DeSue
Wells Fargo and Company's former CEO Timothy Sloan has quit the banking giant. | Source: Chip Somodevilla/Getty Images/AFP

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

While Wells Fargo execs were mum about who’d replace Sloan, the rumor mill chatter quickly began to spin. Making the list are several people from J.P. Morgan.

Before you say that’s a wrap considering the outrageous comments its CEO Jamie Dimon has made about cryptos, just wait. Some of these people have expressed being open to cryptos. No matter, if the choice is someone who thinks differently, and not like a banking vet, the space is in for a treat.

I’m Out of Here

The many scandals that plagued the Wells Fargo, including the setting up of millions of fake checking and savings accounts, are part of the reason Sloan says he’s retiring. Even though he wasn’t CEO during the fake account mess, Sloan said he didn’t want to be a distraction as the bank continues to try to get back in the good graces of consumers and regulators.

That’s fine with crypto players who took issue with his Debbie Downer views of cryptos. With him at the helm of Wells Fargo, crypto acceptance in the traditional financial world has been hindered.

Best Choices For Crypto Space

Word on the street is that Wells Fargo plans to bring in an outsider to replace Sloan who had more than 30 years in the traditional banking business. That contributed to his crypto pessimism.

The old school banking train of thought has led many veterans to bark at the new-fangled crypto space. Goldman Sachs’ CEO Lloyd Blankfein even admitted that he was resistant to Bitcoin because of its newness.

Read the full story on CCN.com.