Banking giant Wells Fargo said it’s not too late to buy cryptocurrencies.
Wells Fargo has published a report titled “Understanding Cryptocurrency”. The report suggested that it is not too late to buy Bitcoin and other cryptocurrencies. The bank made the following statements in the report:
“We believe cryptocurrencies are viable investments today, although they remain in the early stages of investment evolution. As the investment climate is still maturing, we recommend professionally managed private placements for now.”
In the report, the bank included investor arguments that it is too late and too early to invest in cryptocurrencies. He used the following statements on the subject:
“We understand the ‘too late to invest’ argument, but disagree with it. We believe that focusing too much on past performance, especially with cryptocurrencies, can be misleading for new investors.”
He also said that the performance numbers are “skewed” because the prices of most cryptocurrencies have developed almost from scratch, and that the early years of crypto were “highly speculative.”
Given the global adoption rates of crypto, the bank thinks it’s still early enough to invest in this space. According to him, cryptocurrencies are still a “relatively” young investment space and represent a “different type of investment” due to the complexity of the technology used to support them.
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