Bank of America, one of the U.S.’s largest financial institutions, has become the latest Wall Street giant to warm up to bitcoin .
Beginning in January, the bank's wealth management advisors will be allowed to recommend a 1%-4% allocation to crypto assets, according to Yahoo Finance. Initially, the BofA/Merrill Lynch thundering herd will focus on four spot bitcoin ETFs — BlackRock's IBIT, Fidelity's FBTC, Bitwise's BITB and Grayscale's BTC.
It's a major change for the bank, which previously allowed its clientele to invest as they wish, but did not allow its advisors to recommend crypto exposure.
The news comes just hours after asset management titan Vanguard reversed its long-standing policy and will now allow its clients access to crypto ETFs. The move also brings BofA in line with the wealth management platforms of other major institutions like BlackRock and Morgan Stanley.
The action also likely ups the pressure on the dwindling number of holdouts, Wells Fargo, Goldman Sachs and UBS among them.
"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, chief investment officer at Bank of America Private Bank, said in a statement. "The lower end of this range may be more appropriate for those with a conservative risk profile, while the higher end may suit investors with greater tolerance for overall portfolio risk," Hyzy added.
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