Wirehouses Say No to Bitcoin

Discussion in 'Crypto Assets' started by ajacobson, Jan 5, 2018.

  1. ajacobson

    ajacobson

    Ballsy

    Wirehouses Say No to Bitcoin
    By Janet Levaux JANUARY 4, 2018

    Merrill Lynch moved to end client purchases of the Grayscale Bitcoin Investment Trust on Dec. 8, for instance. It also does not allow advisors and clients to trade Bitcoin futures, which began trading Dec. 10.

    “The decision to close GBTC to new purchases is driven by concerns pertaining to suitability and eligibility standards of this product,” the firm said at the time in a memo. (Clients who invested in the Bitcoin fund before Dec. 8 can, however, keep these assets in brokerage accounts.)

    As for Morgan Stanley, “Our financial advisors currently do not offer our Wealth Management clients access to securities or derivatives linked to the price of Bitcoin or other digital currencies,” according to a spokesperson.

    While UBS Americas declined to comment on the record, sources familiar with the firm say that it is not facilitating any access to Bitcoin or related products — including futures — as it does not consider the cryptocurrency an asset class.

    “While cryptocurrencies have a number of advantages over mainstream currencies, the chief investment office of [UBS] Americas-Wealth Management is doubtful that they will ever become a mainstream means of exchange, and thinks the sharp rise in cryptocurrency valuations in recent months is a speculative bubble,” according to an October 2017 report.

    Wells Fargo Advisors does not allow trading in Bitcoin futures or the Grayscale trust, a spokesperson told ThinkAdvisor.
     
  2. They dont understand

    proof of work
    blockchain
    distributed scamwork
     
  3. S2007S

    S2007S

    Who would want to trade GBTC anyway, its trading at a huge premium considering it only owns .09 of bitcoin....
     
  4. This is all about their anal compliance departments.
     
    sss12 likes this.
  5. just21

    just21

    I would close my account if I dealt with them.
     
  6. truetype

    truetype

    Dream on.
     
  7. Folks that bought at 300 laugh all the way to the bank
     
  8. sss12

    sss12

    Wirehouses make you jump through hoops just to buy a 2x leveraged ETF !
     
  9. S2007S

    S2007S


    Look back at the volume on GBTC when it was under 300....it barely traded 100,000 shares.....do you know how many people own GBTC at $300 a share....maybe a few people....maybe those who bought at $300 sold at $750 so in reality there is probably no one that owns shares that low.
    Again it's trading well above it's NAV as usual....one of the riskiest trades out there....if bitcoin collapses below$10000 this will be back below $250!!!
     
  10. I would like to literally...laugh, all the way...to the Bank, one day.
    From my car on the road, to walking to the bank, to finally meeting the teller.

    Reminds me of that Seinfeld bit at 2:06
    'I've heard of that expression laughing all the way to the bank...but I have never seen anyone actually do it.' o_O
     
    Last edited: Jan 6, 2018
    #10     Jan 6, 2018