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Bank of America Reportedly Approves Bitcoin Futures Trading

Summary:
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

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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

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