Wells Fargo, the fourth largest bank in the USA, has released a new report based on cryptocurrencies.
The report emphasized that Bitcoin and other cryptocurrencies are still at an early stage of development.
The bank, which has previously published reports on crypto technology, this time addressed investors who were thinking “it’s too early” or “too late” to invest in cryptocurrencies.
While Wells Fargo stated that cryptocurrencies have been one of the best-performing assets in the last decade, it has been stated that this has caused some investors to think they have “missed the train”.
In its report, the bank emphasized that 12 names on the Forbes 2021 billionaires list are from the crypto industry.
Wells Fargo: “We Are Still Living In The Early Times Of Cryptocurrencies”
Wells Fargo said the following about the issue that it is too early or too late to invest in cryptocurrencies:
“We can understand the rationale behind thinking it’s too late to invest, but we disagree. In our view, it can be misleading for new investors to comment on past performances, especially for the crypto market. Their performance can also be skewed, as cryptocurrencies start almost from scratch and rise. For example, in May 2010, the price of one Bitcoin was at the level of $ 0.004. We think that cryptocurrencies are still in the ‘early’ period as investments, but they have left the ‘too early’ period behind.”
In addition, the famous bank said that crypto assets are currently experiencing hyper-adaptation, and this stage is quite similar to the early days of the internet.
*Not investment advice.