After years of bashing Bitcoin, one of America’s largest banking establishments – Bank of America – seems to have completed its 180-turn. The organization has purportedly approved the trading of BTC futures.
- Citing two sources familiar with the matter, CoinDesk reported that the Wall Street behemoth will enable some of its customers to trade BTC futures.
- The plan to allow only a handful of clients to access the new service is because of the large amount of margin required to trade futures.
- One of the sources went even further, indicating that some customers may have already started interacting with the primary cryptocurrency through BofA’s platform, which will use CME futures.
- This development comes just a week after another report saying that the giant banking organization had set up a designated research team focusing on the cryptocurrency industry.
- It’s worth noting that the bank was among the most vocal critiques of Bitcoin in the past. Earlier this year, it published a paper in which it claimed that BTC had failed as a store of value because it was “too volatile and impractical.”
- A few years back, Bank of America blocked clients from trading and operating with any investment options related to BTC.
- Shortly after CoinDesk’s report went live, the price of bitcoin suddenly spiked by $1,000 – from it’s intraday low of $31,000 to $32,000.
Featured Image Courtesy of PressDemocrat