The second-largest bank in the US, Bank of America, is reportedly allowing its clients to invest in the Bitcoin Futures market. A recent report from Coindesk suggests that many investors are setting up their Bitcoin futures trading account while a couple might have gone live already.
The US banking giant had also announced a crypto research group that would be tasked to look into various crypto settlement technologies. The banking giant is warming up to the digital asset market after maintaining a regressive stance for a long period of time. Earlier in 2018, the Bank of America had blocked its clients and financial advisors from investing in crypto.
Another source familiar with the matter suggested that the bank would make use of CME Futures for their clients. CME is one of the leading Bitcoin derivative markets for institutional traders and is considered to be the leading Bitcoin Futures market.
American Financial Institutions Continue to Embrace Bitcoin
Many American banking giants have changed their tune on Bitcoin this bull season as it started attracting wealthy institutional clients this bull season. Many former critics including the likes of JP Morgan and Goldman Sachs have started offering Bitcoin investment products amid growing clients demand.
JP Morgan still doesn’t see a great future in Bitcoin, but the astounding demand for the top cryptocurrency forced them to offer it to their clients. Similarly, Goldman Sachs didn’t consider Bitcoin as an asset class but put it at the top of their Best performing assets list this year, They have also reopened their cryptocurrency desk amid growing clients’ demand.
The demand for the top cryptocurrency hasn’t deteriorated even when the price has fallen by half. The growing interest of institutions could also lead the way for better regulations around the crypto market. Earlier institutional and wealthy clients stayed away from the crypto market many deeming it a bubble, calling it too volatile of an asset to invest in. However, this bull season has changed that factor and now institutions are rushing to add Bitcoin and crypto to their portfolios,