Wells Fargo named bitcoin the best asset of the year

Head of Real Asset Strategy John LaForge from the American multinational companyfinancial services Wells Fargo publishededitorial on investment strategy for the Wells Fargo Investment Institute, a subsidiary of the bank. The author compared cryptocurrency investing to “the early days of the 1850s gold rush.”

The paper discusses a number of traditional investments and trends occurring in the world of finance. In the seven-page text, an entire page is dedicated to Bitcoin (BTC) and the crypto-economy in general. 

Laforge's report emphasizes:

"Bitcoin – this is the most effective and mostvolatile asset of 2020 compared to stocks and other investment vehicles. 2020 has been a wild and crazy year, so it's only fitting that the most successful asset group in 2020 has the craziest name – cryptocurrencies. Bitcoin, the largest cryptocurrency, is up 170% this year – this is up from 90% in 2019.

The author admits that BTC's chart against the US dollar shows that "Bitcoin has actually outperformed gold and the S&P 500 over the past three years." 

Wells Fargo's head of real asset strategy said:

"Today's investment in cryptocurrency is a bit like life in the early days of the gold rush of 1850, when more speculation than investment was expected."

However, the banking adviser cannot refuse toCryptoeconomics also says that "cryptocurrencies can become investment."they "have grown from literally zero to $560 billion in market capitalization."

Wells Fargo analyst admits that digitalassets like Bitcoin (BTC) are here to stay. “Fads don’t usually last 12 years. There are good reasons for this,” – admits LaForge. Additionally, a Wells Fargo Investment Institute member said the bank will publish more about the “digital asset space,” including its “positives and negatives.”

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