Can Bitcoin be compared with the 1850’s Gold rush?

  • Wells Fargo Investment Institute has revealed new investment strategies
  • The new investment strategy update consists of a page regarding Bitcoin and cryptocurrencies
  • The report revealed that digital currencies are the best-performing assets group of the year
  • The bank will publish more regarding the crypto space

On Monday, Wells Fargo Investment Institute, the wholly-owned subsidiary of the United States bank Wells Fargo, and a registered investment adviser announced a new investment strategy. The new investment strategy has a page dedicated to the leading crypto token Bitcoin. According to the guide, Tracie McMillion, the Wells Fargo Investment Institute’s contributing author and Head of Global Asset Allocation Strategy, has compared the most famous cryptocurrency with the early days of the 1850’s gold rush.

What exactly the new investment guide consists of?

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The Wells Fargo Investment Institute’s latest guide discusses many traditional investments and the trends that are taking place in the financial sector. Indeed, among the seven paged update, a page is wholly dedicated to the digital currency designed by Satoshi Nakamoto, and the cryptocurrency economy in general. In the guide, McMillion also considered Bitcoin as the year’s best performing and most volatile investment asset, in comparison with other equities and investment vehicles.

Digital currencies as the best performing asset group of the year

According to the report of McMillion, this year has been very wild and crazy for virtual currencies and considered such assets to be the best-performing asset group of 2020. The update also revealed that the leading crypto token had surged 170% this year, which is 90% more than last year’s surge. McMillion also concluded that the BTC chart against the USD and Gold has outperformed over the period of the last three years.

Source: Wells Fargo Investment Institute

Crypto investing needs more speculation than investigation

According to the Wells Fargo Head of Global, Asset Allocation Strategy notes, investing in digital assets today is something like experiencing the early days of the 1850’s gold rush. Indeed, after such comparisons, the crypto economy was not ignored by the banking advisor. According to the banking advisor, one-day such assets will be worth the investment. Notably, over the last 12 years, the market cap of crypto tokens have risen to $560 billion. Indeed, according to the Wells Fargo analysts, virtual currencies are here to stay, whereas other fads don’t survive for this long.

However, the author concluded that the Wells Fargo Investment Institute would release more about the digital space, including the upside and downside of the digital assets economy.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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