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According to Wells Fargo, cryptocurrency adoption will increase tenfold
Wells Fargo has taken notice of how far the crypto world has progressed. It now predicts that adoption will more than tenfold in the coming years, and it believes that crypto is still in its early stages.
Wells Fargo believes that cryptocurrency will grow in popularity
He stated in a statement:
Looking at technology investing in the mid-to-late 1990s seems reasonable for today's investor trying to determine whether we are early or late to cryptocurrency investing. The internet was in the midst of a hyper-adoption phase at the time, and it hasn't looked back since. Cryptocurrencies appear to be in a similar stage today.
Wells Fargo, in collaboration with digital exchange Crypto.com, has released a report estimating that there are currently more than 220 million crypto users worldwide. This equates to just under three percent of the world's population, so while the figure may appear large at first glance, it demonstrates how much more room there is for the digital currency world to grow.
The report explains:
It only took four months to double the global cryptocurrency population from 100 million to 200 million. If this trend continues, cryptocurrencies, like other technologies, may soon exit the early adoption phase and enter a hyper-adoption inflection point. There comes a point when adoption rates start to rise and don't stop... Aside from precise numbers, there is no doubt that global cryptocurrency adoption is increasing and will soon reach a tipping point.
At the same time, the report implies that it would be foolish for anyone to enter the crypto trading space without first conducting extensive research. It claims that many digital assets are still "maturing" and in their infancy. As a result, there may be issues with these assets in the future, and traders must be patient as all of the kinks are worked out through future regulatory tactics.
Recently, the crypto market appears to be experiencing bearish trends. While bitcoin is back in the mid $40,000 range – a significant improvement from the $37,000 and $38,000 it was seeing just a few weeks ago – the numbers of today are nothing compared to, say, what traders saw in late 2021. During that time, bitcoin was trading at a new all-time high of around $68,000, and Ethereum had also risen above the clouds.
Things Aren't So Bad
Even so, not everyone believes that all hope is lost. Andras Ivan, an analyst at Broker Chooser, explained in an interview:
Even though the current crypto trend appears bearish, we must remember that the structure of crypto investments has changed significantly since the previous peaks at the end of 2017. The market cap is now significantly higher, and institutional investors have joined in the last one to two years. That could help the market avoid the severe drops and waning interest that we saw during the crypto winter of 2018-2019.
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By Crypto PiratesWells Fargo has taken notice of how far the crypto world has progressed. It now predicts that adoption will more than tenfold in the coming years, and it believes that crypto is still in its early stages.
Wells Fargo believes that cryptocurrency will grow in popularity
He stated in a statement:
Looking at technology investing in the mid-to-late 1990s seems reasonable for today's investor trying to determine whether we are early or late to cryptocurrency investing. The internet was in the midst of a hyper-adoption phase at the time, and it hasn't looked back since. Cryptocurrencies appear to be in a similar stage today.
Wells Fargo, in collaboration with digital exchange Crypto.com, has released a report estimating that there are currently more than 220 million crypto users worldwide. This equates to just under three percent of the world's population, so while the figure may appear large at first glance, it demonstrates how much more room there is for the digital currency world to grow.
The report explains:
It only took four months to double the global cryptocurrency population from 100 million to 200 million. If this trend continues, cryptocurrencies, like other technologies, may soon exit the early adoption phase and enter a hyper-adoption inflection point. There comes a point when adoption rates start to rise and don't stop... Aside from precise numbers, there is no doubt that global cryptocurrency adoption is increasing and will soon reach a tipping point.
At the same time, the report implies that it would be foolish for anyone to enter the crypto trading space without first conducting extensive research. It claims that many digital assets are still "maturing" and in their infancy. As a result, there may be issues with these assets in the future, and traders must be patient as all of the kinks are worked out through future regulatory tactics.
Recently, the crypto market appears to be experiencing bearish trends. While bitcoin is back in the mid $40,000 range – a significant improvement from the $37,000 and $38,000 it was seeing just a few weeks ago – the numbers of today are nothing compared to, say, what traders saw in late 2021. During that time, bitcoin was trading at a new all-time high of around $68,000, and Ethereum had also risen above the clouds.
Things Aren't So Bad
Even so, not everyone believes that all hope is lost. Andras Ivan, an analyst at Broker Chooser, explained in an interview:
Even though the current crypto trend appears bearish, we must remember that the structure of crypto investments has changed significantly since the previous peaks at the end of 2017. The market cap is now significantly higher, and institutional investors have joined in the last one to two years. That could help the market avoid the severe drops and waning interest that we saw during the crypto winter of 2018-2019.
Support us!