Bank of America Approves Bitcoin Futures

[fuguebtc]

The second largest bank in the United States, has approved bitcoin futures trading for some clients, using CME contracts. Meanwhile, in 2018, Bank of America banned financial advisers from trading Bitcoin and related contracts.
In my opinion, I have the belief that in the future many banks will accept similar transactions of this valuable cryptocurrency.
https://www.nasdaq.com/articles/bank-of-america-approves-bitcoin-futures-trading-for-some-clients%3A-sources-2021-07-16

[ropyu1978]

this is very interesting news, after china banned bitcoin mining, and banned its citizens from playing crypto money, but instead good news came from the bank of america which accepted bitcoin, actually bitcoin will never be lost, we can see one lost one grows a thousand, china goes left crypto, but america accepted it, maybe in the future other banks will follow the steps of bank of america, we'll just have to wait for the future..

[Woodie]

this is very interesting news, after china banned bitcoin mining, and banned its citizens from playing crypto money, but instead good news came from the bank of america which accepted bitcoin, actually bitcoin will never be lost, we can see one lost one grows a thousand, china goes left crypto, but america accepted it, maybe in the future other banks will follow the steps of bank of america, we'll just have to wait for the future..

Very true, this is some great news in the midst of events that contributed to the tanking of price

and now after a long time  we have some bullish news we can celebrate about ,we needed it tbh!

But am hoping this can be seen in bitcoins price reacting to the upwards.

[clint25n]

This is very good for the state of bitcoin which is starting to be accepted by several companies in the United States, with this acceptance it means that bitcoin has a pretty good chance for its development in the future, and it will also be very easy for bitcoin to be adopted by some other companies with policies that have been taken by several companies in the United States

[dkbit98]

This will only be possible for their special selected clients and it don't apply for general public, but it is still a positive change on Bitcoin compared with their decision made few years ago.
However, I am not a big fan of futures trading for bitcoin and it looks like this news didn't affect market at all.

[mindrust]

The second largest bank in the United States, has approved bitcoin futures trading for some clients, using CME contracts. Meanwhile, in 2018, Bank of America banned financial advisers from trading Bitcoin and related contracts.
In my opinion, I have the belief that in the future many banks will accept similar transactions of this valuable cryptocurrency.
https://www.nasdaq.com/articles/bank-of-america-approves-bitcoin-futures-trading-for-some-clients%3A-sources-2021-07-16

It is only futures though. Who cares? They don't touch bitcoin itself. They only want to collect them fees you will generate from trading. They probably think like JPM, if people want to trade this thing, why can't we profit from it? They didn't want to years ago but they see now it was a dumb decision.

[Karartma1]

The second largest bank in the United States, has approved bitcoin futures trading for some clients, using CME contracts. Meanwhile, in 2018, Bank of America banned financial advisers from trading Bitcoin and related contracts.
In my opinion, I have the belief that in the future many banks will accept similar transactions of this valuable cryptocurrency.
https://www.nasdaq.com/articles/bank-of-america-approves-bitcoin-futures-trading-for-some-clients%3A-sources-2021-07-16

It is only futures though. Who cares? They don't touch bitcoin itself. They only want to collect them fees you will generate from trading. They probably think like JPM, if people want to trade this thing, why can't we profit from it? They didn't want to years ago but they see now it was a dumb decision.

They'll want to make money on those financial products they've always offered to their clients and that doesn't surprise me at all. They aren't gonna touch real bitcoins...yet. No big deal for the moment, let the banksters of wall street play with the fake tools while we keep on accumulating the real deal.

[Btcvilla]

banks in the United States are starting to accept bitcoin. This is very good news for the crypto world. With the acceptance by banks of this large country, other companies will also adopt bitcoin as a legal currency. this will also make price stability which has recently begun to decline, we hope that this will restore the market price of bitcoin

[The Cryptovator]

This will only be possible for their special selected clients and it don't apply for general public, but it is still a positive change on Bitcoin compared with their decision made few years ago.

Agreed. But I am assuming at the beginning the bank allowing selected clients to observe the situation and interest. Then they would open for all over clients for Futures trading. I always believe, "something is better than nothing". At least somehow the bank adopting Bitcoin by allowing their clients for Bitcoin Future trading. Although this news doesn't affect Bitcoin price, it's potential news for the Bitcoin community who like Bitcoin future trade.

[nelson4lov]

The second largest bank in the United States, has approved bitcoin futures trading for some clients, using CME contracts. Meanwhile, in 2018, Bank of America banned financial advisers from trading Bitcoin and related contracts.
In my opinion, I have the belief that in the future many banks will accept similar transactions of this valuable cryptocurrency.
https://www.nasdaq.com/articles/bank-of-america-approves-bitcoin-futures-trading-for-some-clients%3A-sources-2021-07-16

That's a good move from Bank of America. In the midst of all the fud going round, its nice to see bitcoin in the news for good reasons. I'm wondering though, why now? Maybe most of their clients are already moving to crypto and this is just a plan they made in order to make their clients. Regardless, it's still a solid move from them and I hope that other banks and financial institutions follow suit on this even though its not CME futures but it would be nice to see more of these institutions open their doors to bitcoin and crypto related services. Nice nice.

[Darker45]

Others may not find this very interesting. Bitcoin futures is not that attractive to me either. Also, this is only offered to selected clients. But more than all these particulars, this to me is a significant step toward the process of flipping. Banks are coming. They're already converted. Bitcoinization is happening. They used to brush off the Bitcoin idea, and then they began to criticize and try to destroy it, and then they eventually joined the community. They may be after the money. But the mere fact that they are offering products on Bitcoin is acknowledgement enough that Bitcoin is indeed inevitable.

[TravelMug]

Others may not find this very interesting. Bitcoin futures is not that attractive to me either. Also, this is only offered to selected clients. But more than all these particulars, this to me is a significant step toward the process of flipping. Banks are coming. They're already converted. Bitcoinization is happening. They used to brush off the Bitcoin idea, and then they began to criticize and try to destroy it, and then they eventually joined the community. They may be after the money. But the mere fact that they are offering products on Bitcoin is acknowledgement enough that Bitcoin is indeed inevitable.

Right, selected clients, meaning it's only offered for the rich and has deep pockets to invest in crypto. Although this could sound good news for us, but it doesn't have the same impact as when we heard this so called bitcoin futures.

And as far as I know, they are not going to hold the bitcoin itself. So still 50/50 effect, but the real winners here are of course Bank of America (BoA) who are going to get lots of money from their whales client.

[Rajamuda]

In my opinion, I have the belief that in the future many banks will accept similar transactions of this valuable cryptocurrency.

Well but all of that is still largely in the acceptance, consideration, assessment stage of what the government/banks continue to see. Hopefully, bitcoin is getting more popular and more valuable to have a positive effect from all its characteristics and benefits.
The more visible the advantages.. the easier it will be to accept, and the more visible the shortcomings.. the more difficult it will be to accepted.

[Fundamentals Of]

That's the second largest bank in the US. That speaks a lot about Bitcoin playing a bigger role in mainstream finance. It may not have immediate impact but this will still affect Bitcoin in the near future. If the Bank of America is already riding the Bitcoin wave, other banks will most likely imitate. It is about time the government seriously ponder on Bitcoin as a legally accepted alternative currency.

[pooya87]

The second largest bank in the United States, has approved bitcoin futures trading for some clients, using CME contracts.

This is a terrible news. For starters you can't trade bitcoin this way but only to buy futures contracts that may not even be backed by real bitcoins at some point in the future. Then it also could be introducing a lot of additional volatility and market manipulation to bitcoin price as those who buy these contracts are essentially betting on the future price. For example these days a lot of them are betting against the price and also since price isn't going down they are trying to dump it. This is only going to get worse.

[joniboini]

But am hoping this can be seen in bitcoins price reacting to the upwards.

Positive news in the middle of fud and bearish sentiment usually doesn't affect the market that much. Just take a look at the past price action. On the opposite, news like "Goldman Sachs start trading bitcoin" and the likes are usually the starting point of the bear market. It was proven many times that those big players always publish this kind of title/"news" before they dump their bags to retail traders.

[Stalker22]

The Bank of America is not selling futures directly to all customers in the US, but some clients of the bank can choose to do so, in order to position themselves for potential volatility in the market. This gives bitcoin some respectability and most likely will force other companies to join the race. With a higher number of options, there will be greater volatility, which is good for those who view bitcoin as the perfect investment alternative.

[Imran232]

Thats a great news for bitcoin community in us. Becasue its becomes more simple to use bitcoin or trading bitcoin. Though they are now give permission to some of users this furute trading option i think its because of testing purpose they give only some people.  So that they know all the progress, process, problem and find a best solution then they might gives all the users from america give a chance to use bitcoin futures trading. Well its another news for world that we must enter bitcoin asap otherwise bitcoin price will be untouchable so for a normal users buy a whole 1 bitcoin will be the toughest thing in this world. Thank you.

[Lucius]

For example these days a lot of them are betting against the price and also since price isn't going down they are trying to dump it. This is only going to get worse.

The only thing I enjoy these days is the fact that they can't bring down the price, no matter how hard they try. I have already written somewhere that their prospects are getting worse every day, because at some point the trend will turn in favor of the bulls.

I personally don’t consider this kind of news generally good or bad, because although futures imply a lot of speculation by investors, I guess a little good publicity won’t hurt given that the bank (BOA) was extremely hostile to any form of the cryptocurrency business. Unfortunately, I agree that the situation in that part will get worse - because there will be more and more banks that will want their share of crypto cakes - and we all know that banks just want to make a profit, without choosing how to achieve it.

[Gozie51]

The Bank of America is not selling futures directly to all customers in the US, but some clients of the bank can choose to do so, in order to position themselves for potential volatility in the market. This gives bitcoin some respectability and most likely will force other companies to join the race. With a higher number of options, there will be greater volatility, which is good for those who view bitcoin as the perfect investment alternative.

You right and truly it is a positive news for cryptocurrency and bitcoin. This is really a moment that reversal from bear to bull will resume. Won't be surprised that price hit $40k  again for change of event. America state is a liberal one both in democracy which gives choices to people and that has taken the dimension of financial revolution in the system. Shortly, bigger and large financial institutions will officially adopt the use of bitcoin.