Welcome to the party, WellsFargo. The financial giant is decidedly bullish on crypto's adoption, with its new report stating that crypto might 'soon hit a hyper-inflection point.'
Wells Fargo Investment Institute, the research division of Wells Fargo Wealth and Investment Management, has released a report highlighting the potential of cryptocurrencies as an investment opportunity akin to the early days of the internet.to cryptocurrencies as “viable investments,” but hinted there was no rush for investors to enter the still maturing market.
According to the banking giant, the technology behind crypto is following an adoption path similar to that of the internet in the early-to-mid 1990s, when “consumers still needed time to figure out what the technology is, what it can do and how it can benefit them.” However, like the internet, the rising number of crypto users suggests “the world is beginning to embrace the technology — and quickly.” According to a Crypto.
was also necessary for greater adoption, noting the environment was slowly changing to “solidify cryptocurrencies as investment assets." The Wells Fargo team advised potential crypto users to be patient and use private placements for investments, as the types of vehicles currency available “are a bit behind and still maturing.” However, “higher-quality investment options” could soon arise if regulatory hurdles are cleared.
“There is no need to rush, as most of the opportunity lies before us, not behind us [...] We are hopeful that regulators may soon approve mutual funds and ETFs backed by the digital assets themselves — maybe as soon as 2022.”
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