One of the largest banks in the United States will allow its clients to invest in cryptocurrencies
The investment program is in a high degree of readiness. It will be launched in June and it will be able to join customers with annual income above $200,000 or net assets over $1 million.
A Wells Fargo spokesman said the bank considers cryptocurrencies a profitable and viable asset. However, so far it is classified as an alternative investment tool and does not plan strategic distribution.
Customers of the bank will be able to diversify their financial portfolios with the help of cryptocurrencies. It is a profitable financial instrument, which over time becomes more expensive due to the decline in supply. Even if the demand remains the same.
It is worth noting that Wells Fargo bank has radically changed its mind. In 2020, the report of the banking institution did not consider cryptocurrencies as an investment tool. However, 2021 has made its own adjustments.
According to Darrell Cronk, Bitcoin is changing the way we think about crypto and traditional financial institutions. At a time when digitalization is increasing because of the pandemic, it is crypto that can become a good alternative to traditional investments. Other unconventional investments like investing in shoes, music rights, or even Pokémon cards these days have gained a lot of attention.
In the same report, another bank employee, John Laforge, showed a diagram showing the superiority of crypto over gold and the companies of the S&P 500 over the last 3 years.
He acknowledged that Bitcoin and other crypto can become a viable investment asset. Well, that's the right opinion.