1/ Wells Fargo just released a report titled "Cryptocurrencies - Too early or too late?"
A few key points from the report 🧵👇
A few key points from the report 🧵👇
2/ They believe cryptocurrencies are in the "early, but not too early" stage.
Cryptocurrencies evolved from virtually zero, so numbers are skewed.
Cryptocurrencies evolved from virtually zero, so numbers are skewed.
3/ As an example, the internet was invented in 1983, yet by 1995, only 14% of Americans (and less than 1% of the world) were using it.
4/ These adoption numbers are similar to what is being seen with cryptocurrencies. 13% of Americans purchased or traded crypto in the past 12 months.
Roughly 3% of the world uses cryptocurrencies.
Roughly 3% of the world uses cryptocurrencies.
5/ Cryptocurrencies remain in the early adoption stage, as many new investors and consumers find the tech daunting and use cases unclear.
6/ Crypto adoption following the path of other earlier advanced technologies.
Adoption typically started slowly, hit an an inflection point and then steeply accelerated.
Adoption typically started slowly, hit an an inflection point and then steeply accelerated.
7/ Cryptocurrencies appear to be near a hyper-adoption phase, similar to that of the internet during the mid-to-late 1990s.
8/ Once the inflection point hit the internet rose at a faster rate than other advanced technologies.
9/ It appears that cryptocurrency use today may even be a little ahead of the mid-to-late 1990s internet.
10/ Each new digital invention rides on the coattails of the digital infrastructure already built.
11/ They expect cryptocurrencies to follow an accelerated adoption path similar to recent digital inventions.
There is no doubt global cryptocurrency adoption is rising.
There is no doubt global cryptocurrency adoption is rising.
12/ Adoption rates are rising, but investment options are a bit behind and still maturing. They are hopeful regulators may soon approve mutual funds and ETFs backed by the digital assets themselves - maybe as soon as 2022.
13/ They believe the odds are high that crypto will see future shakeout events akin to 2017.
14/ Most of the opportunity in crypto lies before investors, rather than behind them.
15/ Overall, it's a very positive report on cryptocurrencies from Wells Fargo. You can read the whole thing here.
Just a few years ago they were blocking their customers from buying crypto. How things change...
saf.wellsfargoadvisors.com/emx/dctm/Resea…
Just a few years ago they were blocking their customers from buying crypto. How things change...
saf.wellsfargoadvisors.com/emx/dctm/Resea…
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