Wells Fargo to allow qualified investors to get into cryptocurrencies

Wells Fargo ([[WFC]] -1.9%) is the latest big bank to give its wealthier clients the option to invest in cryptocurrencies.Improved regulatory clarity and rising interest in digital technologies led to the change, the Wells Fargo Investment Institute said in "The Investment Rationale for Cryptocurrencies."The change comes as there are more than 9,000 cryptocurrencies with $2.4T in capitalization (as of May 7), it said. "We believe long-term supply and demand trends support further industry growth, the potential for further compression in price volatility, and a possible role as portfolio diversifiers," according to the WFII Global Investment Strategy Team.The bank considers digital assets as an alternative investment for "qualified" investors through a professionally managed funds. Risks include additional regulation, operational risks with executing transactions, and periods of "persistently high volatility."Indeed, volatility has been the theme of today's trading, with bitcoin slumping to just under $30K, then recovering some to trade at $38.6K