Traditional Banking Titans Bank of America and Wells Fargo Look to Offer Bitcoin ETF Access
Traditional banking giants Bank of America and Wells Fargo are offering eligible wealth management clients access to spot Bitcoin exchange-traded funds (ETFs).
The ETFs have been available to clients for several weeks, a source familiar with Bank of America’s plans told Reuters .
The move follows the Securities and Exchange Commission’s (SEC) approval of these investment vehicles in January, which marked a major milestone in the acceptance of cryptocurrencies within the traditional financial system.
Spot Bitcoin ETFs provide investors with exposure to the world’s largest cryptocurrency without requiring direct ownership.
The increasing popularity of spot Bitcoin ETFs has even prompted some investors to shift their holdings from gold-backed ETFs to Bitcoin.
Bitcoin is often referred to as “digital gold” due to its store of value properties.
The positive sentiment has been reflected in recent market performance, with the leading cryptocurrency surpassing $64,000 for the first time in over two years.
Reports of Bank of America and Wells Fargo’s foray into offering spot Bitcoin ETFs to their clients were first brought to light by Bloomberg Law.
Wells Fargo and Bank of America Merril are going to start pushing Bitcoin ETFs to their customers.
We are going to need more Bitcoin… oh wait, there isn't anymore!
Fact: There is not even close to enough for the demand that is coming. Number will go up
— Lark Davis (@TheCryptoLark) February 29, 2024
However, Vanguard, the largest provider of mutual funds, has announced that it currently has no plans to make spot bitcoin ETFs available on its platform for brokerage clients.
The entry of traditional banking institutions into the cryptocurrency market demonstrates the growing
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