Bank of America approves wealth advisors' recommendation for investors to allocate 1%–4% of their assets to cryptocurrency

One of the largest financial institutions in the United States, Bank of America, has become the latest Wall Street giant to adopt an open attitude towards Bitcoin. Starting in January next year, the bank's wealth management advisors will be allowed to recommend that clients allocate 1%--4% of their assets to cryptocurrencies.

Initially, the Bank of America/Merrill Lynch team will focus on four spot Bitcoin ETFs—BlackRock's IBIT, Fidelity's FBTC, Bitwise's BITB, and Grayscale's BTC.