One of America’s biggest banks is now recommending crypto asset exposure to clients who can stomach volatility.
Bank of America’s new guidance targets wealth management clients across Merrill, Bank of America Private Bank and Merrill Edge platforms, reports Yahoo Finance.
Moving forward, the bank’s advisers can now proactively recommend crypto products to over 15,000 clients, a shift from the previous request-only access.
Says Chris Hyzy, chief investment officer at Bank of America Private Bank,
“For investors with a strong interest in thematic innovation and comfort with elevated volatility, a modest allocation of 1% to 4% in digital assets could be appropriate.
Our guidance emphasizes regulated vehicles, thoughtful allocation, and a clear understanding of both the opportunities and risks.
The lower end of this range may be more appropriate for those with a conservative risk profile, while the higher end may suit investors with greater tolerance for overall portfolio risk.”
Starting in January, the bank’s strategists will provide coverage for four Bitcoin ETFs: Bitwise’s BITB, Fidelity’s FBTC, Grayscale’s Bitcoin Mini Trust and BlackRock’s IBIT.
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