Bank of America Approves Bitcoin Futures

[Kong Hey Pakboy]

This is a big news, a banking institution accepting bitcoin is one big move for the market and I am anticipating a really big influx to the market in the next few months because it's banks that are involved in this news and they can be pretty influential.

[Ausgewielt]

Cryptocurrency is already used by many people in the world. Bank as a company should satisfy it's customers or their customers will leave. I think this will also happen to countries which ban Bitcoin now, I believe that that regulations is not permanent. Today's there is NFT trend which means the use of cryptocurrency will be wider because now cryptocurrency also reach graphic designers. I think if bank don't accept bitcoin and other cryptocurrencies then there are many transactions that will be done without bank which means that it will decrease their potential income.

[dansus021]

There always be pro and cons when it comes to bank when joined crypto industry

Cryptocurrency is already used by many people in the world. Bank as a company should satisfy it's customers or their customers will leave. I think this will also happen to countries which ban Bitcoin now, I believe that that regulations is not permanent. Today's there is NFT trend which means the use of cryptocurrency will be wider because now cryptocurrency also reach graphic designers. I think if bank don't accept bitcoin and other cryptocurrencies then there are many transactions that will be done without bank which means that it will decrease their potential income.

But yeah i do aggree with this guy

Especially when you earn from crypto and paid tax and using the bank there's always benefits both government and bank side its actually win win solution and i hope institutional who's banning bitcoin now lift up their banning

[dudusix9]

Big news! I guess every banks wants the piece of it. Global adoptions coming in next. This is really the time to accumulate, not only in bitcoin but also with alts like ada and matic. Same for defi games like axs, $anrx and tlm which has really good potential in gaming space.

[BrewMaster]

there will be a lot more news like this in the coming months because as bitcoin is getting ready to go to the moon a lot of people would want to take a piece of this pie and make money. what better way of making money than to only be the broker who doesn't risk anything while getting paid for their useless service.

i also expect to see a lot of new bitcoin IOUs similar to what PayPal did this year where some company lets people buy bitcoin through them but doesn't let them withdraw anything and may not even have bitcoin to sell them.

[rozak]

a controversy I guess. when any country banned crypto and its development. otherwise, will there be a country that legalizes crypto and its development?
I think the US has an important step to change the direction of world development. as more and more official government agencies take advantage of transactions with blockchain networks, it becomes a positive outlook for the future of crypto.

[kidbounty]

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

I see the possibility is very high. because Currently, there are many banks that provide similar services. and it will continue to grow in the future. if they don't do it will slowly be abandoned. that's why banks are starting to open up to crypto especially bitcoin.

[avikz]

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

What a turnaround! It only took 3 years for BOA to realize that they are loosing on a big opportunity. But I don't think we have anything to cheer about this news. BOA will probably offer this service to some niche clients and also they will be using CME future contracts. That effectively means, no liquidity will flow into bitcoin market, no additional demand will be added, no actual bitcoin transactions will take place! So nothing to cheer about it! It's just a banking thing to make money!

[amishmanish]

What a turnaround! It only took 3 years for BOA to realize that they are loosing on a big opportunity. But I don't think we have anything to cheer about this news. BOA will probably offer this service to some niche clients and also they will be using CME future contracts. That effectively means, no liquidity will flow into bitcoin market, no additional demand will be added, no actual bitcoin transactions will take place! So nothing to cheer about it! It's just a banking thing to make money!

What can be the possible reason behind this change of stance? From outright banning to getting into selling futures contracts. If it is the recognition of an opportunity to earn fees, then why ban in the first place?

From there earlier statements, it looked more like a principled opposition to Bitcoin. As in "these are highly speculative assets backed by nothing". Like the CME Futures they'll now sell are backed by real Bitcoin. There ARE so many contradictions in how the big banks want to treat cryptocurrencies in general and Bitcoin in particular. They use the terminology "Private cryptocurrencies" which is simply not applicable to Bitcoin but will accurately define a bank issued CBDC.

I agree that its mostly speculation for traders but you cannot say that they are completely useless for the Bitcoin landscape. The "select clients" most probably are miners or even exchanges that will try to hedge their risk in running Bitcoin infrastructure.

[oHnK]

I am a little surprised why the government that makes regulations is so fickle in making decisions.  This bank will accept, tomorrow there will be a bank that prohibits it.  What do they actually see in crypto?  I consider that this is just a conflict of interest even though BTC is very worthy of being supported, especially regarding providing benefits to everyone.  There is no harm in this implementation other than the threat of the existence of the central bank.

[ziennakarishma21]

I think this will be very good news for investors like us, because America is one of the big countries and if the big countries follow the US, the small countries will follow. will follow the trend of major countries, in the future BTC will sooner or later become a popular payment coin worldwide.

[AakZaki]

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.
~sinp~

I really want to laugh. This incident has become a tradition. Some big companies initially rejected crypto but eventually they were able to accept it. It's like a cycle we can predict in advance don't be surprised. We know that the development of the crypto market is very fast, many people in the world accept it and use it, even though we know that some countries have not legalized it. But from this case it seems they are aware and accept crypto currency. Henceforth I think this is a process we are just waiting for time.

[sapnu]

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

When it comes to predictions, we cannot deny the fact that it is very hard to make one. Nevertheless, when it comes to crypto, we can somehow be sure of one thing, that progress of it will keep on going each day or each year so we can expect the best if ever things goes well for it yet we can also expect the worse as different governments in the world starts going against it. Hearing such news like having the second largest bank in the US opening up the possibilities of regulating bitcoin could be a huge step forward for bitcoin so that it would become more well known and influential.

[temple]

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.

Not sure if that is the only reason. There are a lot of rich individuals in the US and if they approach the big banks because they want exposure to cryptocurrencies, it is very possible that a lot of lobbyism is involved when it comes to the approval of Bitcoin Futures. They also have their own agenda and the banking industry / financial industry is extremely powerful.

[seramania]

this is very good for banking in the world, because i believe if bank of america can successfully implement bitcoin maybe many banks in various countries can apply it in the future and i believe that

[Questat]

this is very good for banking in the world, because i believe if bank of america can successfully implement bitcoin maybe many banks in various countries can apply it in the future and i believe that

I hope the domino effect will be able to start right after this. I mean I was looking for a positive response from the other countries after hearing this news.

And aside from that, I was expecting that it give some impact on the market price and helps to move back high again. But of course, it can be impossible without support from the community. The presence of more investors and traders could help it out and help the market to regain its previous momentum (uptrend).

[Pasa32]

Its positive sign for Btc . after china banning need some top class bank to be positive for btc. Otherwise Btc price may fluctuate toward downside. Some big news needed so much for stopping selling pressure.

[ARTURVH]

It is difficult to say that this kind of news is positive. Especially now in a bear market. It should be noted that the banking system and the confidential money market system are two completely different models. Even the opposition between centralization and decentralization.

[amishmanish]

I hope the domino effect will be able to start right after this. I mean I was looking for a positive response from the other countries after hearing this news.

And aside from that, I was expecting that it give some impact on the market price and helps to move back high again. But of course, it can be impossible without support from the community. The presence of more investors and traders could help it out and help the market to regain its previous momentum (uptrend).

A lot of people feel that ANY news about Bitcoin should be bullish. The fact is that Bitcoin has gone beyond that stage now where it was a niche technology for a bunch of internet geeks and any mention of institutions would lead to a domino effect. That domino effect has been in motion since 2017 when the CME launched the first Bitcoin futures. Since then we have already come a long way. BoA allowing its customers access to Futures is just a policy change in their own practices which cannot have any effect on the actual Bitcoin market.

Being in this stage also means that the price increases for bitcoin will no longer be as spectacular as before. Retail investor should especially be wary of crypto influencers talking about a 100K or a 200K bitcoin. IMO, This is not a possibility in the near future. The institutional adoption has come to a halt with Elon Musk's antics and we have to pretty much wait for the industry to learn its lessons from what happens to Microstrategy.

Till then, it may well be a lot of sideways action for the foreseeable future and settling to lower lows.

[Core.i7]

This is a big news, a banking institution accepting bitcoin is one big move for the market and I am anticipating a really big influx to the market in the next few months because it's banks that are involved in this news and they can be pretty influential.

These days news do not have much positive impact on bitcoin as price of bitcoin keeps on supressing. However today we have seen some nice movement in the market because of the Elon Musk debate today.