Bank of America covertly approves Bitcoin Future Trading

Bank of America covertly approves Bitcoin Future Trading for It's Investors amidst pressures from the Government.

ABSTRACT:

The Bank of America has covertly approved Bitcoin Future Trading for It's Investors, owing to the great margin required to trade the future market and the increasing demand from investors.

According to an insider information, the Bank of America - the second-largest bank in the U.S has just approved Bitcoin futures Trading for most of it's investors enabling investors to use cash to exchange Bitcoin in the future market. With this step, the Bank of America is no doubt giving up its Conservative Perspective towards a more innovative and Crypto-friendly outlook to further invite investors to trade Bitcoin Futures with cash deposited at the Bank. Obviously the Bank seems to be following the footsteps of other large Banks and Investment Managers that have previously allowed investors to exchange cash with Cryptos thereby providing more leverage in the Crypto market. This step definitely will lead to an ignited interest in Bitcoin Futures Trading and further exert a potential increase in the trading volume available in the futures market.

The news has been received with great excitement amidst the general withdrawal by different banking institutions from participating in Crypto Transactions; following the government restrictions.

It has therefore become a very positive news for Bitcoin which some believe would be a leap forward towards Bitcoin global adoption and legalization. The American banking Giant, which has been hitherto, very conservative in its approach to crypto currency trading as to avoid government sanctions could no longer remain indifferent in the provision of Bitcoin future Trading, especially given the large amount of margin required to trade the futures. To this end, the bank has taken the bold step which involved allowing some of its investors to access the crypto market. According to an insider report who pleaded anonymity, it has been reported that investors are set to commence trading bitcoin futures, through cash deposited at the bank.

More so, it has been reported that a number of investment banks have been allowing clients to invest in crypto products over the years despite the government's prescription of non involvement.

Recall equally that Goldman Sachs has previously in the month of March revealed plans towards cryptocurrency trading, after a three-year withdrawal. Interestingly during the month of May, the investment bank recommenced buying and selling bitcoin futures in block trades through Chicago Mercantile Exchange (CME) Group, using Cumberland DRW as its trading partner.

Not withstanding the fact that the Bank of America has refrained from making a public statement on this recent development, a close Bank agent has disclosed that the Bank of America has made plans to equally adopt the use of CME in its Bitcoin Futures Trading provisions for its investors.

It has been recorded previously that the Chicago Mercantile Exchange had taken the lead in the list of the biggest Bitcoin futures trading platforms which has significantly increased institutional participation in Crypto trading and further providing liquidity in the market. We hope that other Banking firms in America and Uk, will emulate this precedence and allow clients to access the future market with cash deposited at the bank.