A Wells Fargo report says bitcoin is classified as a speculative instrument.
At the same time, in 2020 BTC showed very good performance and was one of the most efficient assets.
The bank's analysts recalled that the value of the largest cryptocurrency this year has grown by more than 170%. The coin has performed much better than gold and the S&P 500 stock indicator.
At the same time, Wells Fargo draws attention to the fact that the rise in the price of bitcoin is associated not so much with institutional interest in this instrument as with the inflow of speculative capital interested in short-term profit-making.
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The report states: "Investing in cryptocurrency today is similar to the early days of the gold rush of the 1850s, which involved more speculation than investment."
On Wednesday, December 9, the BTC rate fell to $ 18,000. The capitalization of the largest cryptocurrency fell to $ 338.172 billion.
Wells Fargo Bank has been interested in virtual currencies since 2017. This financial giant even announced the creation of its digital currency. However, the token never appeared on the market.