A report confirmed that Bank of America will allow cryptocurrency futures trading for their special clients. This is the first Bank which will allow Bitcoin Futures Trading, while at Goldman Sachs is one the institution which provides crypto related solutions.
According to Coindesk, Bank Of America is ready to offer their service for “Bitcoin futures Trading”. But it should be noticed here, this feature of Futures Trading is not allowed for all their clients. This decision of Bank Of America is a result of struggling financial institutions to work on this matter with Bank Of America allowing such types of facilities through bank authorities.
Here two things are major facts which should be taken into consideration. One thing is the point of view of Securities Exchange Commissions which are against Bitcoin futures trading and they warn people to not to involve in Futures Trading because it is a totally speculation based game and Investment in Bitcoin futures trading will not lead into profit even if the price of Bitcoin/crypto will increase. So better to keep engagement away from futures trading.
Related: SEC & CFTC Warnings For Bitcoin Future Traders
Second thing that we can see is a positive approach toward the crypto community.
Cryptocurrencies specially Bitcoin is an alternative to the traditional financial system but still these institutions are supporting their rival. It is clear indication that these banks now know very well about the potential of cryptocurrency and they are not accepting blockchain technology & based crypto currency with better confidence.
Many experts of this community stated on this matter and said that it is ok to offer cryptocurrency related services but Bitcoin futures trading like things should not be part of their service because at one side these financial institutions are showing that they are ignoring & hating cryptocurrency because of their high volatility & risky nature. But on the other hand, they want to make money through such services. Probably these institutions are making those things possible with their ecosystem which can give lots of profit for them.
Read also: PayPal Exceed Crypto Buy Limit To Their Users by $100,000 Per Week