The mass adoption of Bitcoin is going great these days amidst the massive sell-off that took place in the crypto market.
This has been one of the most important goals that the crypto industry set, and things are going great.
It’s been just revealed that the fourth-largest bank in the United States is embracing crypto.
Wells Fargo announced this month that it would offer to select clients an actively managed crypto strategy.
Cryptos evolved into a viable investment class
In a report that’s called The Investment Rationale for Cryptocurrencies, the Wells Fargo Investment Institute (WFII) says cryptos have evolved into a viable investment class.
“WFII believes that crypto-currencies have gained stability and viability as assets, but the risks lead us to favor investment exposure only for qualified investors, and even then through professionally managed funds.”
The report also mentioned the increasingly friendly regulatory waters for banks wishing to custody digital assets for their clients.
“Banks received regulatory permission to custody cryptocurrencies, and the investment industry and regulators took additional steps to extend a legal and oversight framework that should help solidify cryptocurrencies as investable assets.”
We suggest that you check out the complete report.
Wells Fargo is just one of the important names that are supporting BTC and crypto these days. Other names include PayPal, Revolut, MicroStrategy and more.
US Federal Reserve to publish important notes
In other relevant news, The Block Crypto notes that the Federal Reserve chairman Jerome Powell highlighted the agency’s goals of promoting financial stability and ensuring the payments system is efficient.
“In pursuit of these core functions we have been carefully monitoring and adapting to the technological innovations now transforming the world of payments, finance, and banking,” he said.
The same press release also stated that the main concerns are whether the U.S. is able to improve the current domestic payments system.