According to CNBC, Wells Fargo has shut down all personal lines of credit, which removes liquidity from people. What does this mean for business when one of the big fours (JPMorgan Chase, Bank of America and Citigroup being the other three big banks) are doing this? Could this be Wells Fargo’s way of mitigating risk for a potential market correction? We do not know.
China has started to ban Bitcoin mining. According to the University of Cambridge in April 2020, an estimated 65% of Bitcoin’s hashrate comes from China. What does this mean for Bitcoin and crypto? We do not know.
But what we do know is this, summed up perfectly by the author of the bestseller The Greatest Salesman in the World, Og Mandino:
“What you plant now, you will harvest later.”
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References: University of Cambridge <https://cbeci.org/mining_map> CNBC <https://www.cnbc.com/2021/07/08/wells-fargo-is-shutting-down-all-personal-line-of-credit-accounts-.html>
