diff --git a/src/wallet/wallet2.cpp b/src/wallet/wallet2.cpp
index bdac3109f..f36fa73e0 100644
--- a/src/wallet/wallet2.cpp
+++ b/src/wallet/wallet2.cpp
@@ -5709,13 +5709,14 @@ void wallet2::load(const std::string& wallet_, const epee::wipeable_string& pass
   wallet_keys_unlocker unlocker(*this, m_ask_password == AskPasswordToDecrypt && !m_unattended && !m_watch_only, password);
 
   //keys loaded ok!
-  //try to load wallet file. but even if we failed, it is not big problem
-  if (use_fs && (!boost::filesystem::exists(m_wallet_file, e) || e))
+  //try to load wallet cache. but even if we failed, it is not big problem
+  bool cache_missing = use_fs ? (!boost::filesystem::exists(m_wallet_file, e) || e) : cache_buf.empty();
+  if (cache_missing)
   {
-    LOG_PRINT_L0("file not found: " << m_wallet_file << ", starting with empty blockchain");
+    LOG_PRINT_L0("wallet cache missing: " << m_wallet_file << ", starting with empty blockchain");
     m_account_public_address = m_account.get_keys().m_account_address;
   }
-  else if (use_fs || !cache_buf.empty())
+  else
   {
     wallet2::cache_file_data cache_file_data;
     std::string cache_file_buf;