In 1903, the New York Times ran an editorial titled “Flying Machines Which Do Not Fly.”
The piece made fun of the various inventors who had tried to build an airplane. It advised them that their “effort might be employed more profitably.”
It also predicted it would take up to “10 million years” to make an airplane.
Just two months later, Orville and Wilbur Wright soared through the skies over North Carolina.
My point is, skeptics have always ridiculed new tech.
We saw it happen with cars, TVs and even the internet.
And it’s happening again with cryptos.
But sentiment changes fast. And one major bank says crypto is now “too large to ignore.”
Blockchain Is Changing Everything
On Monday, Bank of America (BofA) released a crypto report.
The report was led by Alkesh Shah. He’s BofA’s head of digital asset strategy.
BofA estimates that 221 million people traded cryptos in June. That’s more than double the number of users back in January.
This growth is the main reason crypto’s market size soared to $2.3 trillion.
BofA analyzed venture capital firms as well. They invested $17 billion in cryptos in the first half of 2021. That’s up from $5.5 billion invested in all of 2020.
The report emphasizes, though, that cryptos are only one use for blockchain.
“Bitcoin is important. But the digital asset ecosystem is so much more,” said Shah.
He noted that blockchain is changing many industries. That includes finance, social media and gaming.
Blockchain can also revolutionize our everyday lives. The report lists a few examples such as:
- Trading stocks.
- Unlocking your phone.
- Buying a house or a car.
- Borrowing or loaning money.
- Paying for gas, food and other items.
Finally, the report lists 20 companies that should invest in blockchain tech.
It says they “may see market value expansion.” That’s a smart way of saying their stock prices will go up.
The list includes:
- Banks (like JPMorgan Chase).
- Fintech (like PayPal).
- Energy (like Exelon).
- Entertainment (like Walt Disney).
And those are just the established businesses.
The report also says “hundreds of companies are forming” because of digital assets.
It’s Full Speed Ahead for Cryptos
Airplanes transformed the 20th century. And cryptos are transforming the 21st century.
The only thing that can hold them back is regulation.
But on Tuesday, SEC Chairman Gary Gensler said the U.S. won’t ban cryptos.
And last week, Federal Reserve Chairman Jerome Powell said he had “no intention” of stopping cryptos.
That means it’s full speed ahead.
The crypto markets have already soared 25% in the past week. And much bigger gains are coming.
That’s why right now is the perfect time to sign up for Ian King’s “Crypto’s Third Wave” webinar.
Ian will show you how to potentially make 12 times your money in 12 months.
To enjoy VIP access to Ian’s exclusive event, click here now.
Regards,
Assistant Managing Editor, Banyan Hill Publishing
Morning Movers
From open till noon Eastern time.
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