.BernsteinBuzz says investors should focus on the long term consumer adoption of crypto, and as blockchains scale and applications mature, it expects the monthly user base to increase by as much as 100-fold. BernsteinGautam. willcanny99 reports.
The crypto industry has a strong track record of fighting back from its lows and “taking punches when down,” the report said. Still, some may argue that the macro backdrop is different this time, the report added.
“Crypto is probably among the few industries that can clock frontier-tech-like growth, in a broadly maturing tech landscape,” analysts Gautam Chhugani and Manas Agrawal wrote. Crypto currently touches less than 5% of total internet users with “significant headroom for application led adoption.” Investors should continue to focus on the long term consumer adoption of crypto, the note said, and this adoption should mirror the growth of the internet, as blockchain applications become increasingly mainstream.
As blockchains scale up and applications mature, Bernstein expects the monthly user base to increase by as much as 100-fold over the longer term, with gaming, social and non-fungible-token based digital commerce and brands leading adoption.are digital assets on a blockchain that represent ownership of virtual or physical items and can be sold or traded.
The crypto industry should focus on growing the space by “accepting a few regulatory trade-offs, that would incite more capital and mainstream participation,” the note added.
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