diff --git a/src/wallet/wallet.h b/src/wallet/wallet.h
--- a/src/wallet/wallet.h
+++ b/src/wallet/wallet.h
@@ -1413,7 +1413,7 @@
     };
 
     /** Upgrade the wallet */
-    static bool UpgradeWallet(std::shared_ptr<CWallet> wallet, bool first_run,
+    static bool UpgradeWallet(std::shared_ptr<CWallet> wallet,
                               bilingual_str &error,
                               std::vector<bilingual_str> &warnings);
 
diff --git a/src/wallet/wallet.cpp b/src/wallet/wallet.cpp
--- a/src/wallet/wallet.cpp
+++ b/src/wallet/wallet.cpp
@@ -4145,8 +4145,10 @@
         }
     }
 
-    if (!UpgradeWallet(walletInstance, fFirstRun, error, warnings)) {
-        return nullptr;
+    if (gArgs.GetBoolArg("-upgradewallet", false)) {
+        if (!UpgradeWallet(walletInstance, error, warnings)) {
+            return nullptr;
+        }
     }
 
     if (fFirstRun) {
@@ -4456,52 +4458,46 @@
 }
 
 bool CWallet::UpgradeWallet(std::shared_ptr<CWallet> walletInstance,
-                            bool fFirstRun, bilingual_str &error,
+                            bilingual_str &error,
                             std::vector<bilingual_str> &warnings) {
     int prev_version = walletInstance->GetVersion();
-    if (gArgs.GetBoolArg("-upgradewallet", fFirstRun)) {
-        int nMaxVersion = gArgs.GetArg("-upgradewallet", 0);
-        // The -upgradewallet without argument case
-        if (nMaxVersion == 0) {
-            walletInstance->WalletLogPrintf("Performing wallet upgrade to %i\n",
-                                            FEATURE_LATEST);
-            nMaxVersion = FEATURE_LATEST;
-            // permanently upgrade the wallet immediately
-            walletInstance->SetMinVersion(FEATURE_LATEST);
-        } else {
-            walletInstance->WalletLogPrintf(
-                "Allowing wallet upgrade up to %i\n", nMaxVersion);
-        }
-
-        if (nMaxVersion < walletInstance->GetVersion()) {
-            error = _("Cannot downgrade wallet");
-            return false;
-        }
+    int nMaxVersion = gArgs.GetArg("-upgradewallet", 0);
+    // The -upgradewallet without argument case
+    if (nMaxVersion == 0) {
+        walletInstance->WalletLogPrintf("Performing wallet upgrade to %i\n",
+                                        FEATURE_LATEST);
+        nMaxVersion = FEATURE_LATEST;
+        // permanently upgrade the wallet immediately
+        walletInstance->SetMinVersion(FEATURE_LATEST);
+    } else {
+        walletInstance->WalletLogPrintf("Allowing wallet upgrade up to %i\n",
+                                        nMaxVersion);
+    }
 
-        walletInstance->SetMaxVersion(nMaxVersion);
+    if (nMaxVersion < walletInstance->GetVersion()) {
+        error = _("Cannot downgrade wallet");
+        return false;
     }
 
-    // Upgrade to HD if explicit upgrade
-    if (gArgs.GetBoolArg("-upgradewallet", false)) {
-        LOCK(walletInstance->cs_wallet);
-
-        // Do not upgrade versions to any version between HD_SPLIT and
-        // FEATURE_PRE_SPLIT_KEYPOOL unless already supporting HD_SPLIT
-        int max_version = walletInstance->GetVersion();
-        if (!walletInstance->CanSupportFeature(FEATURE_HD_SPLIT) &&
-            max_version >= FEATURE_HD_SPLIT &&
-            max_version < FEATURE_PRE_SPLIT_KEYPOOL) {
-            error =
-                _("Cannot upgrade a non HD split wallet without upgrading to "
+    walletInstance->SetMaxVersion(nMaxVersion);
+
+    LOCK(walletInstance->cs_wallet);
+
+    // Do not upgrade versions to any version between HD_SPLIT and
+    // FEATURE_PRE_SPLIT_KEYPOOL unless already supporting HD_SPLIT
+    int max_version = walletInstance->GetVersion();
+    if (!walletInstance->CanSupportFeature(FEATURE_HD_SPLIT) &&
+        max_version >= FEATURE_HD_SPLIT &&
+        max_version < FEATURE_PRE_SPLIT_KEYPOOL) {
+        error = _("Cannot upgrade a non HD split wallet without upgrading to "
                   "support pre split keypool. Please use -upgradewallet=200300 "
                   "or -upgradewallet with no version specified.");
-            return false;
-        }
+        return false;
+    }
 
-        for (auto spk_man : walletInstance->GetActiveScriptPubKeyMans()) {
-            if (!spk_man->Upgrade(prev_version, error)) {
-                return false;
-            }
+    for (auto spk_man : walletInstance->GetActiveScriptPubKeyMans()) {
+        if (!spk_man->Upgrade(prev_version, error)) {
+            return false;
         }
     }