According to a report from the bank’s Global Investment Strategy Team at Wells Fargo, cryptocurrencies are considered viable assets today. Despite being in the “early phases of their investment development.” Wells Fargo noted that there is a need for investing education in the cryptocurrency industry.
The report compares the market’s adoption rates to those of the internet in the mid-to-late 1990s and the current crypto industry. The report emphasised that “there is no question that worldwide cryptocurrency acceptance is increasing, and might soon reach a hyper-inflection point.”
Wells Fargo’s current analysis compared bitcoin investment to the 1850s gold rush in late 2020, arguing that the market is more about speculating than investing. Despite this, the Wells Fargo Investment Institute has moved to provide a “professionally managed option” for its wealthiest clients to obtain access to the bitcoin market.
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