Summary
Wells Fargo and Bank of America’s Merrill are now offering bitcoin ETFs to some wealth management clients. Other firms like Fidelity and Charles Schwab have also started giving access to bitcoin ETFs. Vanguard, however, has called the investment case for cryptocurrencies weak. Ric Edelman expects widespread availability of bitcoin ETFs in the future, but larger firms like Morgan Stanley, Merrill Lynch, and Wells Fargo may be slower to offer them due to bureaucracy. Investor demand for bitcoin ETFs is high, leading firms to accelerate their activities in offering these products.
Key Points
1. Wells Fargo and Bank of America’s Merrill are now offering bitcoin ETFs to some of their wealth management clients.
2. Brokerage giants Fidelity and Charles Schwab have also started giving investors access to bitcoin ETFs after their launch on Jan. 11.
3. Vanguard has expressed skepticism towards cryptocurrencies, calling the investment case for them “weak” and blocking users of its brokerage platform from buying and selling the funds.