$BTC Surges Past $90,000 as Major Banks Embrace Digital Assets! 🚀

Bank of America, a leading global financial institution, now advises wealth management clients to consider allocating a portion of their portfolios to digital assets.

Starting next year, investment strategies across Merrill, Bank of America Private Bank, and Merrill Edge will permit clients to allocate up to 4% of their portfolios to crypto.

Chris Hyzy, CIO at Bank of America Private Bank, noted that a 1-4% allocation can be appropriate for investors interested in innovation and able to tolerate higher volatility. This range suits both conservative and higher-risk appetites.

From January 5, BofA wealth clients will gain access to Bitcoin ETFs from Bitwise, Fidelity, Grayscale, and BlackRock. This significant shift empowers over 15,000 financial advisors, moving beyond previous 'upon request' access. 🏦

This institutional shift aligns with Bitcoin briefly touching $91,600 USD on Tuesday. BTC is up 7.6% in 24 hours, reclaiming the $90,000 level for the first time since last week, now trading around $90,339. 📈

Despite the rally, BTC remains approximately 30% below its early October all-time high of over $126,000 USD. The recent surge triggered about $157 million in liquidations. 💥

Concurrently, Vanguard will allow platform users access to crypto-focused ETFs and mutual funds. Fidelity previously suggested a 2-5% Bitcoin allocation for investors (up to 7.5% for younger demographics), acknowledging Bitcoin as a unique asset. 🤝

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