Banking group Bank of America will allow its advisers starting from today to propose cryptocurrency investments, a sign that one of America’s largest financial institutions is losing its stance on digital assets.
The bank initially proposed crypto investments in December last year, and set January 5th as the first day advisers would be allowed to suggest to clients a crypto allocation in their portfolio. The bank is already in favor of an allocation that forms 1% to 4% of an investor’s portfolio.
According to a CryptoBriefing report, the Chief Investment Officer of Bank of America, Chris Hyzy, told Yahoo Finance last month in an interview that the bank would be allowing investment specifically into four Bitcoin ETFs:
- Bitwise Bitcoin ETF
- Fidelity Wise Origin Bitcoin Fund
- Grayscale Bitcoin Mini Trust
- BlackRock iShares Bitcoin Trust.
Bank of America now joins Morgan Stanley, J.P. Morgan, Vanguard, and multiple other financial firms that have offered some kind of service in the cryptocurrency space, suggesting a further relaxation of policy on digital assets under the current Trump administration.
At the time of writing, Bank of America shares were trading at a price of $57.11.