A lot has changed since I first started covering Bitcoin (BTC) in 2012. Once relegated to the internet’s most hidden corners, the market has now produced a global revolution that has forced companies and governments to form an opinion about digital assets. Now Wall Street is stepping in and analysts at major banks are becoming increasingly convinced that crypto is an emerging asset class with long-term potential.
That was the overall conclusion of a new Wells Fargo research report. The bullish tone of the report is really cool when you consider how the big banks handled bitcoin just a few years ago. They might have learned not to take cues from Jamie Dimon if JPMorgan Chase gets fired for massive money laundering in 2020. But tell me, why is Bitcoin so dangerous?
This week Crypto Biz explores the Wells Fargo report and other business stories from the blockchain world. For a complete overview of the main weekly news, sign up for our newsletter at the bottom of the page.
Related: Binance invests $200 million in Forbes to boost consumer knowledge about Bitcoin
Wells Fargo: Cryptocurrency Adoption May ‘Soon Reach Hyperbuoyancy Point’
In a report titled “Cryptocurrencies – too soon or too late?” Wells Fargo, released on Monday, described the benefits of investing in digital assets and went so far as to compare Bitcoin to the Internet in the early to mid-1990s. While this comparison usually prompts a buy-in recommendation for digital assets, Wells Fargo said there was no reason for FOMO to be in the market since the space is “relatively small” and has plenty of room for growth. But the message that hangs is that the banking giant seems to think that using cryptocurrencies is a very good investment. As it turns out, Wells Fargo started kneeling in crypto about a year ago:
KPMG Canada adds BTC and ETH to the company’s treasury
Cryptocurrency appears to be on the rise among companies, and KPMG Canada has become the latest company to add Bitcoin and Ether (ETH) to its balance sheet. The decision to acquire the digital assets was made by the KPMG Canada Steering Committee, which includes stakeholders from finance, risk management and taxation. According to managing partner Benji Thomas, four major tax auditors consider cryptocurrency to be a “maturity asset class” with a strong long-term value proposition.
Polygon raises $450 million as attention turns to Web3
Polygon’s Layer-2 expansion solution made headlines this week after receiving $450 million in funding from several blockchain venture capital funds. The increase, led by Sequoia Capital India, will increase Polygon’s scalability and support widespread adoption of Web3 applications. In recent months, venture capital has made it clear that Web3 is one of the most important activities along with GameFi and the metaverse.
Related: Cointelegraph Study: Token Values for Crypto Payments
Nasdaq ETF Valkyries Offers Bitcoin Miners
Crypto asset manager Valkyrie’s Bitcoin Miners Exchange Trading Fund (ETF) began trading on Tuesday, providing new avenues for investors to access the fast-growing blockchain economy. The fund, traded under the symbol WGMI, invests most of its capital in companies that either mine bitcoin or provide hardware and software solutions to the mining industry. So far, the US Securities and Exchange Commission has approved nothing but a Bitcoin ETF. Will it change in 2022? Time will tell.