Wells Fargo Prohibits Brokers From Bitcoin Financial Investment Trust Fund

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Wells Fargo & & Business (as Merrill Lynch is also banning these financial investments. Citing a memo, Reuters reported that, as of Dec. 8, Merrill Lynch stopped accepting brand-new orders for the Bitcoin Investment Trust, mentioning “suitability and eligibility standards of this product.” The memo was reportedly sent out to around 17,000 brokers at Merrill Lynch and Merrill Edge. The Bitcoin Investment Trust Fund is run by Barry Silbert, a former Wall Street investment lender and a huge fan of cryptocurrencies. “We eagerly anticipate talking to Merrill Lynch and resolving any questions or concerns they have about the Bitcoin Investment Trust,” Silbert informed Reuters in an email.Merrill Lynch and Wells Fargo aren’t the only ones with online brokerage companies that are taking a careful approach to providing customers the ability to invest in bitcoin. TD Ameritrade, TradeStation and E * TRADE are the only 3 of the significant discount rate brokerages to provide customers access to bitcoin futures from CME Group and Cboe World Markets. Charles Schwab told Investopedia that it is taking a wait-and-see technique, while Fidelity Investments has said that it has no plans to use the futures items to its brokerage customers. Ally Invest had originally said that it would offer bitcoin futures, however after the volatility in the first week of trading, the company has actually chosen to do more research prior to wading in.While bitcoin and cryptocurrencies garnered a great deal of investor attention in 2017, driving the price of bitcoin up from$1,000 to its existing price of around$ 14,800, it is not without debate. Cryptocurrency is volatile and uncontrolled, prompting huge names on Wall Street and regulators around the world to caution about the risks in purchasing digital currency. JPMorgan President Jamie Dimon famously called bitcoin a”fraud “and cautioned that he would fire any traders engaged in trading the cryptocurrency.