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On Monday, the U.S. bank Wells Fargo\u2019s wholly-owned subsidiary and registered investment adviser the Wells Fargo Investment Institute published an investment strategy with a page dedicated to the crypto asset bitcoin. The institute\u2019s contributing author and Head of Global Asset Allocation Strategy, Tracie McMillion, compared crypto investing to the \u201cearly days of the 1850\u2019s gold rush.\u201d<\/strong><\/p>\n This week Tracie McMillion from the American multinational financial services company Wells Fargo published an investment strategy editorial for the bank\u2019s subsidiary the Wells Fargo Investment Institute.<\/p>\n The guide discusses a number of traditional investments and trends taking place in the world of finance, but the seven-page update also commits a whole page to bitcoin (BTC)<\/a> and the crypto economy<\/a> in general. \u201c[Bitcoin],\u201d McMillion said is \u201c2020\u2019s best performing and most volatile\u201d asset in comparison to the equities and other investment vehicles discussed in the strategy update.<\/p>\n \u201c2020 has been a wild and crazy year, so it is only fitting that the best-performing asset group in 2020 has the craziest-sounding name \u2014 cryptocurrencies. Bitcoin, the largest cryptocurrency, is up 170% this year \u2014 that\u2019s on top of the 90% gain it had in 2019,\u201d McMillion\u2019s report stresses. Despite the crypto hype, McMillion and the Wells Fargo Investment Institute are not swayed. The author adds:<\/p>\n If you feel left out of the craziness, don\u2019t. Most investors have heard of cryptocurrencies, but few have ever bought or used one. <\/strong><\/em><\/p>\n<\/blockquote>\n The author concedes that the bitcoin (BTC)<\/a> chart against the U.S. dollar indicates that \u201cbitcoin has indeed outperformed gold and the S&P 500 Index over the last three years.\u201d But McMillion\u2019s report insists that crypto proponents had a \u201cvolatile journey\u201d to \u201cendure to get there.\u201d<\/p>\n <\/ins> <\/ins> <\/p>\n \u201cCryptocurrency investing today is a bit like living in the early days of the 1850\u2019s gold rush, which involved more speculating than investing,\u201d the Wells Fargo Head of Global Asset Allocation Strategy notes. Still, the banking advisor cannot totally dismiss the crypto economy<\/a>, and says that \u201ccryptocurrencies could become investment-worthy one day.\u201d For instance, McMillion underscores that during the last 12 years, they have \u201crisen from literally nothing to $560 billion in market capitalization.\u201d<\/p>\n The Wells Fargo analyst acknowledges that digital assets like bitcoin (BTC<\/a>) are here to stay. \u201cFads don\u2019t typically last 12 years. There are good reasons for this,\u201d McMillion confesses. Further, the Wells Fargo Investment Institute contributor said that the bank will be publishing more on the \u201cdigital asset space\u201d including its \u201cupside and downside,\u201d the author concluded.<\/p>\n What do you think about the recent Wells Fargo Investment Institute report concerning bitcoin investing? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n The post Wells Fargo Investment Institute Report Compares Bitcoin to the 1850\u2019s Gold Rush<\/a> appeared first on Bitcoin News<\/a>.<\/p>\n![\"Wells](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2020\/12\/wells-fargo-investment-institute-report-compares-bitcoin-to-the-1850s-gold-rush22.jpg\" "\\"Wells")
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