As BOA embraces crypto, Australian advisers still have some doubts
On 5 January, the Bank of America (BOA) officially allowed its advisers to recommend crypto currencies where appropriate to clients, specifically the “safe-coin” bitcoin.
As reported by ifa sister publication Money Management, in an update for investment advisers at Merrill Lynch, BOA said advisers will be allowed to consider four bitcoin ETFs for between 1-4 per cent allocations for its wealth management portfolios depending on their risk tolerance.
BOA also warned advisers of the numerous risks associated with crypto.
“Crypto assets are highly speculative and have been in existence for only a short period of time. A significant portion of the demand for crypto assets is generated by speculators and…
