- Major banks like Bank of America and Wells Fargo have started offering their wealth management clients the option to invest in Bitcoin exchange-traded funds (ETFs).
- The Bitcoin ETFs have seen high demand and trading volume since launching, exceeding $3 billion daily.
- The success of the Bitcoin ETFs is propelling Bitcoin’s price higher and bringing more mainstream legitimacy to cryptocurrencies, brightening the outlook for further adoption.
Major banks like Bank of America‘s Merrill and Wells Fargo are now offering their wealth management clients the option to invest in Bitcoin exchange-traded funds (ETFs). This comes after the Securities and Exchange Commission approved several spot Bitcoin ETFs last month.
Banks Begin Offering Bitcoin ETFs
Sources familiar with Bank of America and Wells Fargo say the banks have started letting some brokerage account holders purchase Bitcoin ETFs if requested. The ETFs give clients exposure to Bitcoin without having to directly hold the cryptocurrency.
Bitcoin ETFs Performing Well
The Bitcoin ETFs have seen high demand since launching. This week, combined trading volume for all the products exceeded $3 billion daily. The success is also pumping up Bitcoin’s price, which is now over $65,000.
Future Looks Bright for Crypto
The surge in Bitcoin ETF interest bodes well for further cryptocurrency adoption. As more banks offer Bitcoin investment products, it brings more mainstream legitimacy. This will likely propel Bitcoin’s price higher and brighten the outlook for other cryptocurrencies.
