Bank of America, one of the world’s largest financial institutions, wants its wealth management clients to consider their exposure to digital assets. Yahoo Finance.
Starting next year, investment strategies on Bank of America’s Merrill, Bank of America Private Bank and Merrill Edge platforms will support customers who want to allocate up to 4% of their portfolio to cryptocurrencies, the newspaper reported.
“For investors with a strong interest in thematic innovation and comfort with increased volatility, a modest 1% to 4% allocation to digital assets may be appropriate,” Chris Heisey, chief investment officer at Bank of America Private Bank, said in a statement.
Hyzy reportedly explained that the “lower end of this range” is appropriate for investors with a conservative risk profile, while 4% is appropriate for investors with a high risk tolerance.
On January 5th, Bank of America wealth management clients will also begin covering Bitcoin exchange-traded funds. According to Bitwise, Fidelity, Grayscale, BlackRock Yahoo Finance.
Bank of America did not immediately respond to questions. decryption Request for comments.
Yahoo Finance reported that historically Bank of America’s wealth management customers have been able to access crypto-related products only upon request. Previously, this had prevented the company’s more than 15,000 wealth advisors from making crypto-related recommendations.
The change comes after Bitcoin prices soared to nearly $91,600 at one point on Tuesday. BTC is currently up 7.6% in the past 24 hours, according to the crypto data provider, while the largest cryptocurrency by market capitalization has fallen about 30% since hitting a record high of over $126,000 in early October. CoinGecko.
Vanguard, one of the world’s largest investment companies, will soon give people on its platform access to crypto-focused ETFs and mutual funds. bloomberg reported on monday. Bitcoin-friendly CEOs appointed In May, he was appointed the world’s second largest asset management company.
Last year, Fidelity suggested people allocate 2% to 5% to Bitcoin, which could be worth up to 7.5% for young investors. Describing the asset as “unique”, the agency said: explored Assignments in hypothetical scenarios will take place as early as 2020.
