diff --git a/src/qt/bitcoin.cpp b/src/qt/bitcoin.cpp
index e274b7626a..dda79e3d0e 100644
--- a/src/qt/bitcoin.cpp
+++ b/src/qt/bitcoin.cpp
@@ -376,9 +376,6 @@ void BitcoinApplication::initializeResult(int retval)
     returnValue = retval ? 0 : 1;
     if(retval)
     {
-        // Miscellaneous initialization after core is initialized
-        optionsModel->Upgrade(); // Must be done after AppInit2
-
 #ifdef ENABLE_WALLET
         PaymentServer::LoadRootCAs();
         paymentServer->setOptionsModel(optionsModel);
diff --git a/src/qt/optionsmodel.cpp b/src/qt/optionsmodel.cpp
index c1dbd916b3..a2a2732b1c 100644
--- a/src/qt/optionsmodel.cpp
+++ b/src/qt/optionsmodel.cpp
@@ -130,69 +130,6 @@ void OptionsModel::Reset()
     // default setting for OptionsModel::StartAtStartup - disabled
     if (GUIUtil::GetStartOnSystemStartup())
         GUIUtil::SetStartOnSystemStartup(false);
-
-    // Ensure Upgrade() is not running again by setting the bImportFinished flag
-    settings.setValue("bImportFinished", true);
-}
-
-void OptionsModel::Upgrade()
-{
-    QSettings settings;
-
-    // Already upgraded
-    if (settings.contains("bImportFinished"))
-        return;
-
-    settings.setValue("bImportFinished", true);
-
-#ifdef ENABLE_WALLET
-    // Move settings from old wallet.dat (if any):
-    CWalletDB walletdb(strWalletFile);
-
-    QList<QString> intOptions;
-    intOptions << "nDisplayUnit" << "nTransactionFee";
-    foreach(QString key, intOptions)
-    {
-        int value = 0;
-        if (walletdb.ReadSetting(key.toStdString(), value))
-        {
-            settings.setValue(key, value);
-            walletdb.EraseSetting(key.toStdString());
-        }
-    }
-    QList<QString> boolOptions;
-    boolOptions << "bDisplayAddresses" << "fMinimizeToTray" << "fMinimizeOnClose" << "fUseProxy" << "fUseUPnP";
-    foreach(QString key, boolOptions)
-    {
-        bool value = false;
-        if (walletdb.ReadSetting(key.toStdString(), value))
-        {
-            settings.setValue(key, value);
-            walletdb.EraseSetting(key.toStdString());
-        }
-    }
-    try
-    {
-        CAddress addrProxyAddress;
-        if (walletdb.ReadSetting("addrProxy", addrProxyAddress))
-        {
-            settings.setValue("addrProxy", addrProxyAddress.ToStringIPPort().c_str());
-            walletdb.EraseSetting("addrProxy");
-        }
-    }
-    catch (std::ios_base::failure &e)
-    {
-        // 0.6.0rc1 saved this as a CService, which causes failure when parsing as a CAddress
-        CService addrProxy;
-        if (walletdb.ReadSetting("addrProxy", addrProxy))
-        {
-            settings.setValue("addrProxy", addrProxy.ToStringIPPort().c_str());
-            walletdb.EraseSetting("addrProxy");
-        }
-    }
-#endif
-
-    Init();
 }
 
 int OptionsModel::rowCount(const QModelIndex & parent) const
diff --git a/src/qt/optionsmodel.h b/src/qt/optionsmodel.h
index 7a71b772b2..e5c1e3e8b9 100644
--- a/src/qt/optionsmodel.h
+++ b/src/qt/optionsmodel.h
@@ -46,9 +46,6 @@ public:
     void Init();
     void Reset();
 
-    /* Migrate settings from wallet.dat after app initialization */
-    void Upgrade();
-
     int rowCount(const QModelIndex & parent = QModelIndex()) const;
     QVariant data(const QModelIndex & index, int role = Qt::DisplayRole) const;
     bool setData(const QModelIndex & index, const QVariant & value, int role = Qt::EditRole);