Bank of America and Wells Fargo launch new Bitcoin offer for their customers

Bank of America subsidiary financial services company Merrill Lynch and US bank Wells Fargo began offering investments in spot Bitcoin (BTC) exchange-traded funds (ETFs) to selected clients.

According to a report by Bloomberg agency, the institutions offer Bitcoin ETFs, approved in January this year, to some wealth management clients with brokerage accounts. And who are requesting these investment products.

With this decision, banks have fueled the growing demand for Bitcoin ETFs from institutional investors looking to invest in BTC.

The ETF offering by Merrill Lynch and Wells Fargo comes in a context in which the price of Bitcoin has increased significantly. reaching its latest all-time high And traded above US$61,000 at the end of this article.

On January 10, the United States Securities and Exchange Commission (SEC) approved the issuance of a Bitcoin ETF after a long wait where speculation and rumors were rampant.

Currently, ETFs have received significant acceptance on Wall Street, with millions of dollars invested daily in Bitcoin with these products. Just yesterday, listings of this investment product from BlackRock Company, They were worth over US$600 million (over 10,000 Bitcoins).

Fidelity, another firm that also released its own spot Bitcoin ETF, saw an inflow of 4,000 bitcoins, or about $240 million, on February 28. While Bitwise reported an inflow of 108 BTC, or approximately US$6.4 million.

This entire situation has had a positive impact on the price of BTC, which is 10% lower than its ATH as of yesterday. A positive sign for the community, which is already seeing a Bitcoin bull run and even a New The price of BTC is at an all-time high ahead of April, when the Bitcoin halving will occur.

With its approach, banks from Bank of America to Merrill Lynch and Wells Fargo joined the wave of institutional investments in favor of Bitcoin, offering their clients Ways to Diversify Your PortfolioBut the market is based on the most important digital assets.

This is not the first time that Wells Fargo has been involved in the Bitcoin ecosystem. In 2021, the banking institution said it would offer investments in BTC to its exclusive clients through an investment strategy that covers those with an annual income of more than US$200,000 or $1 million, Cryptonews reported. Has a net worth of more than US dollars.

Merrill Lynch is also not far behind. In 2019, a study led by a Bank of America subsidiary revealed that Bitcoin was the best investment of the decade. In the report, they recognized the value that BTC has held for many years, which has led to its determination As the most popular digital asset on the market.