US banking giant: The boom in digital currencies will begin soon

Wells Fargo, one of the giants of the US financial and banking industry, said in its latest report that the major boom in the digital currency market has not yet begun. The bank called the rate of adoption of digital currencies promising and compared it to other technologies, including the Internet.

According to CryptoGlobe, the Wells Fargo Institute says digital currencies are likely to be on the brink of a “widespread adoption phase”; A phase similar to that of the internet boom in the mid and late 1990s.

The bank’s team of analysts believes that digital currencies are “acceptable investments” today, even if they “remain in the early stages of their investment development”.

Wells Fargo’s team of analysts advised investors to focus on stocks of well-run privately managed companies; As the prospect of investing in digital currencies continues to grow. The bank said it did not recommend any of the available investment options, including mutual funds, exchange traded funds (ETFs), trust funds and even risky assets such as digital currencies.

Details from the Wells Fargo report show that analysts “hope” to be more transparent this year in addressing digital currency legislation, which could lead to “better” investments. Noting that it may be too late to invest in digital assets, Wales Fargo emphasized that he understood the problem but did not “approve” it.

Speed ​​of learning different technologies in America
Graph of the speed of learning different technologies in the United States

Analysts at Wells Fargo say that given the increase in digital asset acceptance from the point of “near zero” to where it is now, the figures in this area seem to have changed completely. The bank also noted that the digital currency industry is “relatively young” and that most of its projects are less than five years old.

The potential of digital currencies to reach widespread acceptance

In this report, Wells Fargo states that when it comes to the space of digital currencies, there is a need for investment training, noting that the market acceptance rate is similar to that of the Internet in the mid to late 1990s.

Comparing the acceptance of digital currencies and the Internet
Comparing the acceptance of digital currencies and the Internet

Wells Fargo Bank in its report compares the adoption of the Internet at that time with the space of digital currencies. Wales Fargo added that this means that “there is no doubt about the growing adoption of digital currencies and the industry may soon reach a turning point.”

Wells Fargo’s new report follows a report from last year by the bank, which called digital currencies a “sustainable investment asset”. In late 2020, Wells Fargo compared investing in bitcoins to the early days of the gold rush in the 1850s, arguing that the market was more than just investing in seasonal trading and brokerage.

However, Wells Fargo Investment Corporation has provided a fund management fund for its wealthiest clients to access the digital currency space. Wells Fargo also applied to the US Securities and Exchange Commission in August for a bitcoin investment fund.

The publication of the American banking giants: the boom in digital currency will begin soon appear for the first time in digital currency.

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