diff --git a/lib/storage.py b/lib/storage.py
index 46093a7c..e29e5b2a 100644
--- a/lib/storage.py
+++ b/lib/storage.py
@@ -249,7 +249,7 @@ class WalletStorage(PrintError):
         return result
 
     def requires_upgrade(self):
-        return self.file_exists() and self.get_seed_version() != FINAL_SEED_VERSION
+        return self.file_exists() and self.get_seed_version() < FINAL_SEED_VERSION
 
     def upgrade(self):
         self.print_error('upgrading wallet format')