Despite classifying bitcoin as the best performing asset in 2020, Wells Fargo said in a recent report that the industry is still predominated by speculation rather than traditional investing.The large US multinational financial services company compared BTC with the gold rush in the 1850s.Bitcoin Shows Similarities With The 1850’s Gold Rush
The San Francisco-headquartered giant explored the performances of different financial assets through this “wild and crazy year” in its latest report.
The paper asserted that it’s “only fitting” that the best-performing asset group in 2020 “has the craziest-sounding name – cryptocurrencies.” More specifically, the document highlighted the largest digital asset – bitcoin – with its year-to-date increase north of 160%.
However, Wells Fargo warned investors not to “feel left out of these gains” because of bitcoin’s infamous price fluctuations.The organization said that while the asset has indeed outperformed gold and the S&P 500 index over the past three years, BTC holders had to endure a massive “volatile journey to get there.” Bitcoin Vs.Gold Vs.S&P 500 3-Years Back.
Source: Wells Fargo
“Cryptocurrency investing today is a bit like living in the early days of the 1850’s gold rush, which involved more speculating than investing,” – added the report.Significant Room For Growth
The paper further insisted that while most investors have heard of digital assets, they continue to steer clear from buying or using them.
Cryptocurrencies “attract lots of attention, but not necessarily lots of investment money.”
It’s worth noting, though, that this narrative has started to shift in 2020 and especially in the past few months.Technological companies like MicroStrategy and Square, as well as a US insurance giant, allocated millions of dollars in bitcoin.
The primary cryptocurrency also received recognition from several prominent traditional investors such as Paul Tudor Jones III, Stan Druckenmiller, and Bill Miller.
Wells Fargo admitted that cryptocurrencies have “risen from literally nothing to $560 billion in market capitalization” in the past 12 years.Nevertheless, this cumulative market cap of all digital assets is still about “one-fourth the size of the S&P 500 technology company with the largest market cap.”
Ultimately, though, the organization promised it will discuss more the cryptocurrency industry next year as they provide viewpoints that “every investor should hear.” Share this: Crypto Market Update Jan.15: 2019 Has Lots Of Exciting Crypto News, But No Trading Volume It’s been a routine week in the crypto market.Bitcoin’s volatility continues to shake the market up and down, and it seems that it is still leading the market, and a cryptocurrency that manages to take its place as “better than Bitcoin” has not yet been born.
This week we saw a decline of 13%… Max Keiser: Warren Buffett Will Start Panic-buying Bitcoin at $50,000, Just like Peter Schiff Although the prominent US investor Warren Buffett has never been a fan of gold in the past, he recently made a sizeable investment in Barrick Gold Corp while reducing his exposure to his favorite sector, banks.Similiar with gold, Buffett has been bashing “the new gold,” Bitcoin, and this raises the question of whether he… Following Bitcoin’s Latest Plunge, XLM Loses 14% in Two Weeks.Stellar Price Analysis A weekly close beneath $0.075 and the 3-month trend line suggest a strong correction.The price dropped by 8.5% following a weekly bearish close around $0.07.XLM/USD: Stellar Broke Below 3-Month Trend Line Key Resistance Levels: $0.0738, $0.080, $0.086 Key Support Levels: $0.0627, $0.0523, $0.045 XLM/USD.Source: TradingView The latest dump in the entire crypto… Bitcoin Price Analysis: After Breaking Down 30-Day Trend-Line, Can BTC Resist Or Will It Plunge To $6K? On our latest price analysis from yesterday, we stated that the Bitcoin price is about to make its next major move.
A few hours later, and the anticipated move played out.Unfortunately to the bulls, Bitcoin broke down the 3-day stability between the range of $7200 – $7400.
As of writing these lines, the primary… CZ Recommends Holding BNB: Would Amazon’s CEO Ever Do That? In a recent tweet, Changpeng Zhao, the CEO of the world’s leading cryptocurrency exchange, Binance, recently emphasized the potential profits that Binance Coin offers its holders.While a tweet of the kind might appear innocuous, it could also have an impact on the BNB price, given Zhao’s influence on the community, making the entire thing… Bitcoin at $20K in 2019 Could Suggest Previous ATH Wasn’t a Bubble, Tom Lee Says Bitcoin marked a decisive leg up throughout the past 7 days, gaining more than 18 percent during the period.More importantly, it broke the important psychological level of $10,000, which caused serious hype throughout the entire cryptocurrency community.With this, the popular commentator and chief analyst at Fundstrat Global Advisors, Tom Lee, says that if… Bitcoin Price Analysis Dec.20: Bitcoin Breaks $4000.
What’s Next? The bulls continue! Since our previous analysis, Bitcoin did have to take some air: As we stated about possible targets for correction, Bitcoin re-tested $3600 area before the bullish rally continued.This is from yesterday’s analysis: “Looking at the daily chart: yesterday’s Japanese candle closed very strong and bullish, marking a breakout from the descending… Huobi Global Strengthening Its Presence in Turkey and Argentina: Exclusive Interview With CEO Livio Weng Cryptocurrencies are becoming more widely discussed – and regulated – in a broad range of countries, including Turkey.A few months ago, the country announced plans to implement a central bank digital currency based on blockchain technology.Huobi, one of the more popular cryptocurrency exchanges, is looking to strengthen its already strong Turkish presence.CryptoPotato… ETH Price Analysis: Ethereum Showing Weakness Against Rising Bitcoin, Lower Targets Incoming? Ethereum bulls are currently trying to defend the 2019 high price at $364.The cryptocurrency is forming a descending triangle pattern on the 4HR charts.
Against Bitcoin, ETH shows weakness as it starts to head back to the September support around 0.0329 BTC.ETH/USD – Etheruem Starts To Form Short Term Descending Triangle Key Support… Leave a Reply You must be logged in to post a comment.Search.