- Wells Fargo believes it is not too early for institutions to adopt Bitcoin as crypto users grow rapidly worldwide.
- The banking giant manages $1.9 trillion worth of assets through private placements.
- Wells Fargo says crypto has reached an inflection point similar to the internet at the turn of the century.
Wells Fargo believes crypto has risen from virtually zero, and adoption is poised for hitting a hyper-inflection point. The banking giant argues that Bitcoin is in a similar phase as the internet in the mid-to-late 90s.
Wells Fargo believes it's not too late to buy Bitcoin
Multinational financial services giant Wells Fargo has a bullish outlook on crypto. The banking giant's global investment strategy team believes that over 200% in annualized gains of Bitcoin does not mean it is "too late" to invest in the cryptocurrency.
Wells Fargo draws similarities between the adoption of the internet in the 90s and cryptocurrencies now.
The report reads:
We understand the 'too late to invest' argument but do not subscribe to it. [Bitcoin] could soon exit the early adoption phase and enter an inflection point of hyper-adoption.
Wells Fargo believes that Bitcoin is a digital invention with current infrastructure that could have a steep rise in adoption. Institutional investors have joined the race to acquire Bitcoin and gain exposure to the cryptocurrency through "private placement."
Analysts at the bank explain the steep Bitcoin adoption curve is fueled by regulatory clarity and adoption by institutions. The banking giant argues that the direct purchase of Bitcoin on an exchange involves complex technology.
The report reads:
We expect that cryptocurrencies eventually will follow an accelerated adoption path similar to recent digital inventions.
Bitcoin's adoption has increased consistently over the past month. Analysts believe that recent events and rising institutional capital inflow are fueling a bullish narrative for Bitcoin price.
@CryptoSultan21, a crypto analyst and trader, believes that Bitcoin price has set eyes on the $47,000 target.
Is The Bearish Trend Over?
— Sultan (@CryptoSultan21) February 7, 2022
If history is any indication, then #Bitcoin seems to be emulating the final phase of a prolonged bear trend.#BTC is currently testing the 50MA around 43k.
A concrete break of the 50MA can be indicative of an imminent rally towards ~47k.$BTC pic.twitter.com/1zrOUo8Bx8
FXStreet analysts have predicted that Bitcoin price targets $50,000.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Binance CEO calls CFTC suit “disappointing” as district court halts Voyager $1 billion sale to Binance.US
Voyager’s deal with Binance’s United States entity, Binance.US, faced another hurdle on March 27, the same day that the Commodity Futures Trading Commission (CFTC) went after the crypto exchange. This is the second time in the span of a month that Voyager’s deal has been objected against by the government.
90% of Ethereum supply leaves exchanges as regulators struggle to classify ETH as Security or Commodity
Ethereum is known not only as the second-biggest cryptocurrency but also as the second-generation cryptocurrency. The blockchain not only brought Decentralized Finance (DeFi) to the crypto space but also framed a target on its back following its Proof of Stake transition plan.
This is how EOS holders responded to the network's EVM testnet launch, what to expect this week
The first milestone on the EOS Network Foundation’s roadmap, the completion of the EOS EVM (Ethereum Virtual Machine) code, was achieved on March 22, starting the countdown to the launch of the EOS testnet. Well, it is finally here and the community is elated as it brings them closer to the mainnet release on April 14.
XRP price recovers above $0.44 as court ruling approaches, will Ripple win against the SEC?
XRP price has kept its momentum, flashing green on the one-day timeframe as the countdown to the Ripple vs SEC lawsuit continues. The remittance token is moving in tandem with our prediction last week, soaring by a significant margin to secure a place among the best-performing cryptocurrencies on a one-week timeframe.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?
Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.