Report: Bitcoin is the Best Performing Asset of 2020

San Francisco-based Wells Fargo Bank has released a report identifying Bitcoin as the best performing asset for 2020, while also highlighting the currency's volatility for investors.

In a report on investment strategy released on Tuesday, the banking giant indicated that the price of Bitcoin (BTC) has risen 170% this year and outperforms both gold. The S&P 500 Index.

However, the Wells Fargo report appears to downplay the role that cryptocurrencies currently play in the financial market, saying they are attracting a lot of attention, but not necessarily much From investment funds.

The report also made clear that investing in cryptocurrencies today is somewhat similar to living in the early days of the gold rush in the 1850s, which involved more speculation than investing. .

Wells Fargo also indicated that digital assets may be worth the investment one day and added that the bank will discuss the digital asset space more in the next year.

and although Wells Fargo said the market value of digital currencies had grown to more than $ 560 billion, he described investing in Bitcoin as a volatile journey.

and according to Asset Dash data, Bitcoin has a market cap of about $ 350 billion; Almost 3 times the value of Wells Fargo of $ 120 billion at the time of writing.

even some estimates two weeks ago put the market value of digital assets higher than the market value of banking giant JP Morgan.

Wells Fargo also noted that the market capitalization of the entire cryptocurrency market is now approximately 25% of the total S&P 500 index.

The report represents a gradual change in the financial institution's position on cryptocurrencies since 2018, when the bank banned its customers from making cryptocurrency purchases using Wells Fargo credit cards.

and although the report points out the craze in the cryptocurrency market, it also mentions that cryptocurrencies are likely to remain, saying fashion does not usually last for long 12 years old.