Bank of America, one of the largest financial institutions in the world, wants its wealth management clients to consider digital assets exposure, according to Yahoo Finance.
Starting next year, investment strategies at Bank of America’s Merrill, Bank of America Private Bank, and Merrill Edge platforms will support clients who want to allocate up to 4% of their portfolios to cryptocurrencies, the outlet reported.
“For investors with a strong interest in thematic innovation and comfort with elevated volatility, a modest allocation of 1% to 4% in digital assets could be appropriate,” Chris Hyzy, Bank of America Private Bank’s chief investment officer, reportedly said in a statement.
Hyzy reportedly described “the lower end of this range” as suitable for investors with a conservative risk profile, with 4% being appropriate for those with high risk tolerances.
On Jan. 5, Bank of America’s wealth management clients will also initiate coverage of Bitcoin exchange-traded funds from Bitwise, Fidelity, Grayscale, and BlackRock, according to Yahoo Finance.
(I find it hilarious that in a business where traders bet billions of dollars in microseconds, Bank of America makes a decision like this but feels its ok to wait til January to implement it- when the price of Bitcoin could be way higher.) |
