Well Fargo on Crypto Adoption: Not Too Late For New Investors
Recent research by the Wells Fargo Investment Institute anticipates that the adoption of cryptocurrencies around the world is rising
Recent research by the Wells Fargo Investment Institute anticipates that the adoption of cryptocurrencies around the world is rising rapidly and could enter an inflection point of hyper-adoption in the near future. The research division of Wells Fargo likened investing in cryptocurrencies to the early days before the internet boom, adding that the market is still relatively young.
The report on “Cryptocurrencies – Too early or too late?” does offer hope for digital assets as it terms them as viable investments. It also goes on to add that it is not yet too late for new investors to enter the space as the market is yet to mature.
Crypto and blockchain technology at present are similar to what the internet as a technology was experiencing during the first half of 1990s, when there was lower levels of awareness among consumers on its potential. However, the crypto boom is only some time way, quite like what the internet witnessed a few years later, as its adoption rises at a rapid pace the world over.
Wells Fargo did highlight regulatory challenges as one of the key factors holding back higher adoption rates. The research observes that resolving these issues can further increase consumer confidence in considering cryptocurrencies as investment assets.
According to the report, “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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