According to recent reports, major US banking institutions, including Bank of America’s Merrill Lynch and Wells Fargo, are now offering spot Bitcoin ETFs to eligible wealth management clients in exchange.
“Spot bitcoin ETFs are available for unsolicited purchases through an advisor with Wells Fargo Advisors or through our online WellsTrade platform,” Wells Fargo said in a statement Thursday.
Spot Bitcoin ETFs allow investors to gain access to Bitcoin without actually holding it. Now, more and more investors are flooding into the resource by supporting the asset class, which had a price bubble to $60,000.
The move signals an increase in Bitcoin popularity, with many pundits predicting a price of $150,000 in eighteen months.
Nonetheless, the reluctance of many financial organizations to integrate their systems with Bitcoin ETFs is evident, since Vanguard, a large mutual fund provider, has yet to create spot Bitcoin ETFs.
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