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The main cryptocurrency has always held the palm among digital assets. The recognition by Wells Fargo experts of its leadership once again strengthened the position of the BTC. The Bank's specialists called bitcoin the best investment of the current year.
According to a study by the Wells Fargo Investment Institute, the growth rate of bitcoin has outperformed such instruments as the S&P 500 index, gold, as well as stocks and bonds. Since the beginning of 2020, the price of BTC has soared by a dizzying 170%, coming close to the $20,000 mark. Compared to last year, the cost of the first cryptocurrency increased by 90%, Wells Fargo emphasizes.
Currently, the main digital asset has slightly lost its position. On Thursday, December 10, bitcoin is trading near $18,457, briefly declining. Market participants are closely watching these swings that demonstrate the high volatility of the first cryptocurrency.
In their research, analysts at the Wells Fargo Investment Institute compare investing in bitcoin with the period of the gold rush in the United States, recorded in 1850. According to experts, over the past 12 years, the total market capitalization of cryptocurrencies has soared to $560 billion from almost zero. This gives invaluable advantages to virtual assets, according to Wells Fargo. At the same time, experts emphasize the high speculativeness of most digital currencies, primarily bitcoin.
Along with the BTC, Wells Fargo currency strategists analyzed the profitability of other financial instruments. The top 10 best investment assets, according to the Bank, includes shares and bonds of leading global companies, gold, bitcoin, and the S&P 500 index. Note that by the end of November 2020, this indicator was among the highest-yielding investment instruments.
However, Wells Fargo fears that the oversupply of cash recorded this year threatens the profitability of the S&P 500 index in 2021. If this scenario is implemented, the investment plans of a number of large companies will be reviewed. To protect yourself in case of force majeure, experts recommend diversifying your investment portfolios.
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