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Merrill Lynch: No to Bitcoin. Good News for Ripple?

The financial world of Wall Street is increasingly suspicious of Bitcoin and virtual coins. To prove it, there is, lastly, a decision by the New York investment bank Merrill Lynch, controlled by Bank of America. According to the Wall Street Journal, the bank has banned its customers and its financial advisers from trading to buy digital currency, highlighting “concerns about sustainability and product standards”.

According to the line established by Merrill Lynch will be required to comply with the new guidelines must be all accounts and about 17,000 consultants of the company, who can not propose investments related to cryptocurrencies, and will be required not to accept investment requests in the fund Bitcoin Investment Trust Greyscale, open-ended fund that invests in bitcoins and whose value is linked to the price of cryptocurrency.

Meanwhile, the Ripple continues to run, the second cryptocurrency in terms of market capitalization after Bitcoin. The value of virtual currency is now beyond the $ 3 barrier, and has jumped in the last week by around 150% to $ 3.50. For an overall jump, from the end of December 2016, of + 55,000%.

If  other banks will be publicly discouraging  bitcoin to their customers, Ripple could get a great advantage, since their name is associated with a large amount of banks and financial institutes around the world.

 

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