According to AMBCrypto, Bank of America has permitted its wealth management clients to allocate 1%–4% of their portfolios to crypto through regulated Bitcoin ETFs, effective January 5. This move comes amid a broader market correction, with the global crypto market cap currently at $3.09 trillion, down from $3.71 trillion last month. The bank will recommend four spot Bitcoin ETFs, including BITB, FBTC, BTC, and IBIT, marking a shift from a previous 'request-only' framework. CIO Chris Hyzy emphasized that the allocation is suitable for investors interested in thematic innovation and comfortable with high volatility. The timing suggests a long-term view of crypto as an asset class, with other major institutions like Morgan Stanley and BlackRock also increasing crypto allocation recommendations.
Bank of America Allows 1%-4% Crypto Allocation via Regulated ETFs Starting January 5
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