Bank of America (BoA) Bets Big on Bitcoin (BTC)

Bank of America (BoA), the 2nd largest bank in the United States, has reportedly approved the trading of Bitcoin Futures for some clients. One of the two sources, on the condition of anonymity, said that BoA had a conservative approach towards the cryptocurrency sector.

Bank of America Sees DeFi 'Potentially More Disruptive Than Bitcoin':  CryptoCurrency

However, due to the requirement of a large amount of margin for trading the futures, some wealthy clients have been already been allowed to access the cryptocurrency market. The second source also reportedly said that some clients of Bank of America have started to trade bitcoin futures, which are essentially fiat currency settled (which means cash-settled).

Bank of America: Bitcoin Will Be 'Serious Competitor' to Cash |

Bank of America’s move comes after many investment banks allowed their clients to invest in cryptocurrency products. One of the major investment banks that took cryptos seriously is Goldman Sachs, the leading competitor of BoA. It confirmed plans of relaunching its crypto trading desk recently after a hiatus of 3-years. Goldman Sachs started buying and selling BTC futures in block trades by using Cumberland DRW as its trading partner through Chicago Mercantile Exchange (CME) Group. Reports say that Bank of America will also use CME futures.

BoA has created a new team dedicated to the cryptocurrency market solely. The future BTC CME cartonnent is worth 0.1 BTC each. Even the modest stock market players can also gain exposure to Bitcoin by trading the new mini-futures, the classic 5 BTC CME contracts, which were released in May 2021.

Benefit from experienced traders with copy trading on NapBots 1 week free trial ! Discover more than 20 strategies dedicated to crypto-currencies, on the most liquid pairs (BTC, ETH …).NapBots allow novices to trade crypto easily and help traders save a lot of time! Bots work tirelessly to scan the markets and navigate through volatility to try to capture profitable trends.