Institutional support for the premier crypto Bitcoin increases as Bank of America allows investors to trade Bitcoin Futures.
BOA Allows BTC Futures’ Trade
According to insider news, by Coindesk, Bank of America is now allowing its clients to trade Bitcoin Futures through the Bank. It took years for the institution to make the decision.
Initially, a selective portion of investors would be enabled to trade Bitcoin Futures. Given if the decision bore good results, its scope could certainly be extended.
Bank of America is the 8th largest worldwide and 2nd largest national banking institution, just falling behind JPMorgan chase. Partially owned by FED, BOA currently services 11% of all of America’s bank deposits.
BOA, not the first one to allow similar services
Bank of America has just joined the list of many large financial institutions that are allowing their client to trade Bitcoin Futures, and use other crypto-related services. One of the other are Goldman Sachs: which is offering various crypto solutions and Morgan Stanley: which has only recently made the decision of giving its clients access to BTC through their accounts.
It is quite notable here that, though these are the bullish developments for Bitcoin evangelists, the general masses’ interest in crypto is decreasing lately. Google searches for Bitcoin have gone down to six months low, Coindesk reported on Thursday.
In addition to BTC’s tremendous potential to revolutionize the world financial systems, it also has some serious drawbacks. One of those are its excessive energy use and extreme volatility.
Ethereum has been deemed a serious competitor to Bitcoin for quite some time now as it consumes far less energy and has a much tinier carbon footprint.
At the time of press, BTC is down by 51% from its all time high and is currently trading at the $31,000 price mark, which clearly explicates BTC’s classic extreme volatility.