8th February 2022 > > Wells Fargo loves cryptos!

Market Snap (at time of writing)

Market Wrap

A brief foray above $45k was met with some selling pressure. Markets generally remain subdued.

Curious Cryptos’ Commentary – Wells Fargo crypto report

Wells Fargo, the fourth largest bank in the US with $1.9 TRILLION of assets that serves one in three U.S. households, has issued a crypto report which crypto supporters are going to love.

Titled “Cryptocurrencies – Too early or too late?” the spoiler is that we are still in the very earliest stages of adoption and development – but only just.

The authors compare crypto adoption with that of internet adoption in the early to mid-1990s. They reference a report from Crypto.com in July 2021 that claimed that the number of crypto users more than doubled from 100mm to 221mm between January 2021 and June 2021. That is rapid growth in anyone’s books.

Intriguingly, the report speculates that:

“If this trend continues, cryptocurrencies could soon exit the early adoption phase and enter an inflection point of hyper-adoption, similar to other technologies. There is a point where adoption rates begin to rise and do not look back [...] Precise numbers aside, there is no doubt that global cryptocurrency adoption is rising, and could soon hit a hyper-inflection point.”

And if you want to see a graphical representation of this speculation, this will get you all in a quiver:

It is easy to tell the seriously authoritative nature of this report as it speaks to one of the core concerns and principles of the CCC – that the ever-improving regulatory landscape is key to “solidify cryptocurrencies as investment assets”, adding that:

“There is no need to rush, as most of the opportunity lies before us, not behind us [...] We are hopeful that regulators may soon approve mutual funds and ETFs backed by the digital assets themselves — maybe as soon as 2022.”

Reserve Treasury Protocols (before they all go to zero)

Reminder – Olympus and Wonderland are, to the best of my knowledge, live viable projects. XEUS, FORT and JADE turned out to be scams, though they are still live scams. Scams are not uncommon in these Wild West fringes of Decentralised Finance (DeFi).

Point of order – a staunch and loyal supporter of the CCC has asked that I make clear that it is only my belief that JADE is a scam. The project is still very much alive, and there is a wide body of opinion that does not concur with my view. I am very happy to make this point – the CCC believes that consenting adults are allowed to have different opinions on a wide range of topics.

Photon appears to have won the prize for being the most extraordinary scam. In under 18 hours it went to zero. And as far as I can tell – and I am no blockchain analytics expert – they walked away with less than $30k.

It is very upsetting we have scumbags like that around.

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