The world’s fourth-largest bank by market capitalization, Wells Fargo, has <a href="https://www.wellsfargo.com/investment-institute/investment-strategy-report/" target="_blank" rel="nofollow noopener">released</a> a new investment strategy report with a page dedicated to Bitcoin. The banking giant noted that the cryptocurrency is up by 170% this year and has outperformed both gold and the S&amp;P index. The report’s contributing author and head of the global asset allocation strategy Tracie McMillion even added that investing in <a href="https://www.cryptoknowmics.com/news/bitcoin-vs-gold-argument-why-bitcoin-is-better-than-gold/">Bitcoin</a> today is a bit like that of the early days of the 1850’s gold rush.
<h2><strong>Bitcoin Is the New Gold Rush of 1850</strong></h2>
The report was published for the bank’s subsidiary, the Wells Fargo Investment Institute. It discussed a wide range of <a href="https://www.cryptoknowmics.com/news/blackrocks-cio-rick-rieder-says-bitcoin-could-replace-gold/">trends</a> from the world of finance. It also included a seven-page update on the scenario of Bitcoin and cryptocurrencies in general.

Tracie McMillion, head of global asset allocation strategy, noted:

<em>“Cryptocurrency investing today is a bit like living in the early days of the 1850’s gold rush, which involved more speculating than investing.”</em>

McMillion included in the report that Bitcoin is the best performing asset of 2020 in comparison to equities and other investment options. It further added that it is the most volatile.

The report highlighted:

<em>“Over the past 12 years, they have risen from literally nothing to $560 billion in market capitalization. Fads don’t typically last 12 years.”</em>
<h2><strong>Bitcoin Performed Better Than Gold and S&amp;P Index in 2020</strong></h2>
An indexed value chart depicting the data for Bitcoin, gold, and the S&amp;P index highlights that everyone started at the same point with pretty much landing on a similar page after three years.

However, the Bitcoin price line will show that the cryptocurrency had a <a href="https://www.cryptoknowmics.com/news/as-gold-price-goes-up-bitcoin-will-collapse-says-peter-schiff/">much higher leg up at the end</a>. This can be contributed to the significant price rise over the past month and a half.

The Wells Fargo Investment Institute contributor further said that the bank will be publishing more on the cryptocurrency space including its upside and downside.

Wells Fargo Report Says Bitcoin Is the New Gold Rush of 1850

Wells Fargo has released a new investment strategy report stating that investing in Bitcoin today is a bit like that of the early days of 1850’s gold rush.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Wells Fargo Report Says Bitcoin Is the New Gold Rush of 1850

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