It’s not too late to invest in bitcoin, multinational financial services firm Wells Fargo said in a Monday report, drawing parallels between the internet’s adoption rate in the 1990s and cryptocurrencies today. Wells Fargo’s global investment strategy team explained in the report that Bitcoin’s more than 200% year-on-year gains since its first trade in 2010 often lead some investors to think it may be too late to join the party. However, the big bank disagrees. “We understand the ‘too late to invest’ argument, but don’t endorse it,” the report said, explaining that Bitcoin and cryptocurrencies, similar to the Internet in the mid-late 1990s, “could soon enter the early phase of adoption.” leaving and entering a turning point of hyper-adoption.” In addition, Wells Fargo believes Bitcoin’s adoption rate will be even faster than the Internet because “every new digital invention is already built into the tail of digital infrastructure,” as evidenced by the steeper rise in smartphone adoption. Curves Source: Wells Fargo “We expect cryptocurrencies to eventually follow an accelerated adoption path similar to recent digital inventions,” the report said. History of Internet Use vs. Cryptocurrency Users. Source: Wells Fargo. cryptocurrency usage today is even slightly ahead of the internet from the mid to late 1990s,” said Wells Fargo, referring to the chart above. “Exact numbers aside, there is no doubt that global cryptocurrency adoption is on the rise and will soon hyper-inflection point.” began to be drawn, the digital currency too fresh as an investable asset for many high net worth individuals who were unwilling to make an allotment. However, Wells Fargo suggests that investors gain bitcoin exposure through private placements by professional asset managers rather than buying the digital currency directly from an exchange, arguing that “the technology is complex”. Buying bitcoin is not as complicated as it used to be as intuitive developments are built all over the world. For example, in the US, users can buy BTC directly from Cash App, Block’s popular financial services application, and withdraw into a bitcoin wallet of their choice. While there is a learning curve with self-managed bitcoin, the long-term positives outweigh the drawbacks as it is the only way to take advantage of Bitcoin’s value proposition of complete financial freedom.
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