Thanks for contacting us. We’ve received your submission.
Merrill Lynch last week became the latest — and largest — Wall Street bank to say no to bitcoin. The brokerage arm of Bank of America said its 17,000 financial advisers can’t sell the cryptocurrency to its clients, even though every Joe Lunchpail clamors for it.
After a more than 2,000 percent gain last year, it’s the hottest thing to hit Wall Street since Amazon stock took off. Merrill’s thundering herd couldn’t even sell one of the most popular gateway investments to bitcoin:, the Grayscale Bitcoin Investment Trust Fund.
Sure, bitcoin is the flavor of the year, soaring from $970 to $20,000 in 2017. But it also traded at under $14,000 just six days after bubbling above $20,000.
It’s unregulated and volatile — something Main Street investors should avoid. UBS, which has a much smaller army of advisers, already bars its team from pitching bitcoin to clients. Read more from nypost.com…
thumbnail courtesy of nypost.com