An important statement about cryptocurrencies came from Wells Fargo, one of the leading banks of the United States.
Wells Fargo announced that it sees digital currencies as an alternative investment tool and will begin offering cryptocurrency instruments for its wealthy customers in the summer.
In the headline report “The rationale for cryptocurrency investments” prepared by Wells Fargo investors, “The Investment Institute has gained as much stability and passivity as assets. However, the risks that are still there are pushing us to offer these instruments only to certain investors. Even in this case, funds should be managed by professional teams” expressions were used.
Morgan Stanley became the first US-based bank to allow wealthy customers to access Bitcoin funds in March.
Goldman Sachs, on the other hand, began offering derivative instruments linked to Bitcoin prices to its investors in early May. JPMorgan is preparing to take a similar step in the upcoming period.
CHINA’S LIMITATION MOVE AFFECTED THE MARKET
China is trying to limit cryptocurrencies as part of the money laundering struggle. The Beijing administration has banned banks and payment companies from mediating cryptocurrency transfers. After this news, Bitcoin went down to the level of 30 thousand dollars. Then he recovered and approached 40 thousand again.