The banking institution classified Bitcoin and digital assets as a “viable investment”, but believes they are in their nascent phase and early stages in terms of investment maturity. The report concluded that BTC’s price alone has compounded at a 216% rate since 2010.
In contrast, the S&P 500 Index has compounded at a 16% over the same period. This performance on BTC’s price and other cryptocurrencies has benefited early investors in particular. Wells Fargo claims 2,755 of those that comprised Forbes 2021 World’s Billionaires List saw their wealth explode on crypto investments.