Financial services giant Wells Fargo called bitcoin this year’s best performing and most volatile asset, comparing cryptocurrency to the 19th-century gold rush. 

In a personal investment note published December 7, Wells Fargo updated clients on the current landscape of various markets, including cryptocurrency. The banking giant called bitcoin 2020’s best performing and most volatile asset. 

The report reads, 

2020 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 — cryptocurrencies.

The report highlights bitcoin’s 170 percent price increase year-to-date, despite the sudden crash to below $4k in March, in addition to BTC’s 90 percent gain throughout 2019. 

According to Wells Fargo, the majority of retail investors may have heard of cryptocurrencies but few have ever bought or used one. The banking giant claimed that crypto-assets attract a lot of attention but “not necessarily lots of investment money,” and highlighted the industry’s $560 billion market capitalization. 

The report continues, 

Cryptocurrencies could become investment-worthy one day, though. Over the past 12 years, they have risen from literally nothing to $560 billion in market capitalization. Fads don’t typically last 12 years. There are good reasons for this — reasons that every investor should hear.

Wells Fargo compared the current state of cryptocurrency investing to the early days of the 1850’s gold rush, which involved “more speculating than investing.”

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