In a surprising change of stance, one of America’s largest financial institutions, the Bank of America (NYSE:BAC), has reportedly approved a new service that would allow some of its clients to trade Bitcoin futures.
The banking behemoth, which has been a vocal Bitcoin critic for many years, has made a 180-turn and will now permit its customers to do transactions with the digital asset.
In 2018, Bank of America blocked financial advisers and clients from trading in Bitcoin-related investments. Similarly, in April, the bank published the results of a survey claiming that 74% of fund managers consider Bitcoin to be a bubble. It appears the bank is slowly dropping its anti-Bitcoin stance following a growing demand for the flagship cryptocurrency from investors.
Recall that the bank recently launched a cryptocurrency research team dedicated to researching cryptocurrencies and related technologies.
According to sources familiar with the matter, the bank is offering the service to a few select customers due to a large amount of margin required to trade the Bitcoin futures. Furthermore, there are reports that some customers might have started using the service.
Other U.S banks will likely emulate the Bank of America and allow crypto services on their platforms.