Key Takeaways
- Bank of America will allow wealth advisers to pitch Bitcoin ETFs.
- Eligible Bitcoin ETFs include funds managed by BlackRock, Fidelity, Bitwise, and Grayscale.
Bank of America’s wealth advisers will be permitted to recommend Bitcoin ETFs to their clients starting today.
Chris Hyzy, chief investment officer at Bank of America Private Bank, told Yahoo Finance last month that the bank would officially kick off coverage for four Bitcoin ETFs, including Bitwise Bitcoin ETF (BITB), Fidelity Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Mini Trust (BTC), and BlackRock iShares Bitcoin Trust (IBIT), on January 5.
The bank endorses a 1%–4% allocation to digital assets for clients across Merrill, Bank of America Private Bank, and Merrill Edge.
With this move, Bank of America is joining Morgan Stanley in expanding access to digital asset investment products for its clients.
The move is viewed as a meaningful change from the bank’s former conservative position on digital assets. Greater availability of Bitcoin ETFs through major financial institutions could draw new investors into the market and potentially boost overall demand.
Source: https://cryptobriefing.com/bank-of-america-bitcoin-etf-advisers/
