Bank of America is starting to allow some customers to trade bitcoin futures

The second largest bank in the United States, Bank of America, has started allowing some customers to trade bitcoin futures.

Financial entities still do not look favorably on Bitcoin, but they are accepting its growing importance in the world market. Now more and more banks around the world are taking the first steps to make trading with Bitcoin more flexible.

According to reports from CoinDesk, which cited information obtained from people familiar with the case, the bank’s move is due to the large amount of margin required to trade futures contracts. According to the sources cited, some clients are preparing to start trading bitcoin futures. while one or two of the players may already be in the game.

Bank of America tracks a number of investment banks that allow clients to invest in cryptocurrency products. As we told you earlier, Goldman Sachs started trading BTC futures on behalf of its clients with the help of Galaxy Digital. after a hiatus of almost three years.

Goldman buys and sells bitcoin futures in block transactions through the Chicago Mercantile Exchange (CME), whose services Bank of America will also use. Bitcoin’s «renaissance» came after the bank blocked financial advisors and clients from trading BTC-related instruments in 2018.

In a report published in March, Bank of America officials said that only $93 million in capital was needed to influence the price of Bitcoin by 1%. At the time, the financial giant criticized bitcoin, calling it a slow, unstable and impractical crypto asset.

The first major bank in the United States to offer its wealth management clients access to bitcoin funds was Morgan Stanley. An investment bank, which has more than $4 trillion in client assets, told its financial advisers in March that wealthy clients have access to three funds that allow them exposure to bitcoin.


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