Merrill Lynch Bars Clients, FAs from Bitcoin Fund Trading

Merrill Lynch Bans Customers From Investing In Barry Silbert's Bitcoin Investment Trust

The order prevents about 17,000 financial advisors from advertising Bitcoin-based investments and stops clients from trading the Grayscale Bitcoin Investment Trust (GBTC), a product preferred by Merrill Lynch clients, the reports said, citing an anonymous source and an internal memo.

"We look forward to speaking with Merrill Lynch and addressing any questions or concerns they have about the Bitcoin Investment Trust", Silbert told Reuters in an email. A WSJ source said Merrill Lynch put the policy in place on December 8, just two days prior to the launch of bitcoin futures by CBOE.

Before last month's ban, clients of Merrill Lynch's brokerage and Merrill Edge were able to buy stakes in Bitcoin Investment Trust, which trade at a fraction of a bitcoin.

Grayscale's Bitcoin Investment Trust is an open-ended trust that is invested exclusively in bitcoin and derives its value from the price of bitcoin.

The eligible shares of the Bitcoin Investment Trust started trading under the ticker GBTC in 2015. And UBS does not support or facilitate the trading of cyrptocurrencies, according to a person familiar with the situation. Several other firms - including JPMorgan Chase & Co., Citigroup Inc. and Royal Bank of Canada - told clients that they wouldn't offer them access to the first bitcoin futures market when it went live December 10.

Barry Silbert is a well-known figure in the cryptocurrency industry.

Millions of investors have piled into bitcoin and other digital currencies prompting warnings of a bubble from the likes of JPMorgan Chase Chief Executive Jamie Dimon, who has likened bitcoin to a "fraud" that will eventually blow up.

Bitcoin garnered a lot of interest in 2017, which sent the price surging. Bitcoin was up 1,375% on the year.

At Merrill, advisers have mixed views on the move. Advisers say clients are calling about investing in bitcoin, demand that some advisers want to satisfy. If anything, he said, "I wish we could short it".

Individual retail traders are flooding apps that make it easy to buy and sell things like ethereum or bitcoin. Others think the cryptocurrency carries too much risk and would rather not be involved in it.

Related News:

  • Study Suggests Young Men Who Take Ibuprofen May Risk Infertility

    Study Suggests Young Men Who Take Ibuprofen May Risk Infertility

    And, while testosterone levels are normal during compensated hypogonadism , it's not a good condition to have. And the problem is not likely to be ibuprofen-specific, as most NSAIDs work through similar mechanisms.
    Cleveland Browns: What now?

    Cleveland Browns: What now?

    I will say that he should feel like he has to coach and get along within this new Browns organization like his job depends on it. The Cleveland Browns did not win a game in 2016, joining the Detroit Lions as the only teams to go winless in a 16-game season.
    Michigan State vs. Rutgers - 1/10/18 College Basketball Pick, Odds, and Prediction

    Michigan State vs. Rutgers - 1/10/18 College Basketball Pick, Odds, and Prediction

    MSU played fairly well for much of the first half before allowing the Buckeyes to make 18 of their last 26 shots in the game. Are you really that screwed up that you think we're just some powerhouse that can do all that? "We want to keep striding".
  • Altria Group, Inc. (MO) EPS Estimated At $0.81

    Hence the difference between Predicted EPS and Actual EPS reported is $0.03/share which shows an Earnings Surprise of 3.4 Percent. DEVITRE DINYAR S sold $1.96M worth of stock or 32,000 shares. (NYSE:MO) on Thursday, August 10. $2.30M worth of Amazon.com, Inc.
    Gal Gadot and Patty Jenkins Talk 'Totally Different' 'Wonder Woman' Sequel

    Gal Gadot and Patty Jenkins Talk 'Totally Different' 'Wonder Woman' Sequel

    Jenkins apparently tried to get Carter in the first Wonder Woman movie but was unable to make it work due to scheduling issues. Gal Gadot's Wonder Woman was one of the most successful films of 2017.
    Arctic Monkeys Announce First Live Date Of 2018

    Arctic Monkeys Announce First Live Date Of 2018

    Find out where Alex Turner and co. are playing this year, and where fans think they're headed next. Alex, 32, said in the same year the band were in, "no rush", to release another album.
  • Wells Fargo & Co (NYSE:WFC) Price Target Raised to $75.00 at Barclays

    First Citizens Comml Bank Tru stated it has 5,239 shares or 0.12% of all its holdings. (NYSE:GNRC) rating on Friday, September 15. The stock of Wells Fargo & Company (NYSE: WFC ) has "Buy" rating given on Tuesday, December 12 by Keefe Bruyette & Woods.
    California mudslides sweep away auto  in shocking video caught by firefighters

    California mudslides sweep away auto in shocking video caught by firefighters

    Torrential rainfall triggered a mudslide that sent one vehicle careening down a road in Burbank, California, on Tuesday. The video was shared by Burbank Firefighters on Instagram and it is scary AF.
    Where is Ellen DeGeneres' house in Santa Barbara, California — Montecito mudslide MAP

    Where is Ellen DeGeneres' house in Santa Barbara, California — Montecito mudslide MAP

    The daytime TV host revealed the news of his death to her audience during The Ellen DeGeneres Show on Thursday (January 11). Some people have been trapped by the mudslides triggered by a combination of fire, wind, heavy rain and erosion.
  • From Brussels, Puigdemont to become again Catalonia's president… in exile

    From Brussels, Puigdemont to become again Catalonia's president… in exile

    The move backfired when independence parties across the political spectrum won a narrow majority in the assembly. Junqueras has asked for release from jail to attend the first meeting of the new Catalan parliament.

    Best stocks to buy - The Charles Schwab Corporation (NYSE:SCHW)

    Prescott Group Capital Management L.L.C. holds 2.09% of its portfolio in Net 1 UEPS Technologies, Inc. for 1.05 million shares. Commonwealth Of Pennsylvania School Empls Retrmt holds 0.06% in The Charles Schwab Corporation (NYSE:SCHW) or 96,927 shares.

    Och-ziff Capital Management Group LLC (NYSE:OZM) Institutional Investors Quarterly Sentiment

    Keefe Bruyette & Woods downgraded the shares of OZM in report on Wednesday, November 4 to "Market Perform" rating. Och-Ziff Capital Management Group LLC (NYSE: OZM ) has declined 36.39% since January 9, 2017 and is downtrending.


Most liked

The latest 'American Crime Story' takes on 'The Assassination of Gianni Versace'
Simpson, and the second season will attempt to recreate that success with the story of the murder of Gianni Versace back in 1997. The first season of the anthology drama courtesy of Ryan Murphy was a huge hit as it followed the infamous murder trial of O.J.

ICSE, ISC examination dates for 2018 out
Practical Examination of Physical Education Paper 2 for Class XII will be held on 6th February 2018. The candidates can also check the ICSE and ISC timetable 2018 by visiting the link provided below.

Eden Hazard voted into UEFA Fan's Team of the Year
Players from the Spanish league dominated the team with five Champions League winning Real Madrid players finding mentions. Manchester City's Kevin De Bruyne and Chelsea's Eden Hazard have been named in UEFA's Team of the Year for 2017.

Enbridge Energy Partners (EEP) Stock Rating Upgraded by Zacks Investment Research
The rating was upgraded by Morgan Stanley to "Buy" on Tuesday, December 12. (INF) has 0.00% since January 10, 2017 and is. Finally, Private Advisor Group LLC boosted its holdings in Enbridge Energy Partners by 143.5% during the second quarter.

Bitcoin latest: Cryptocurrency rebounds after report PayPal founder has invested millions
And, Bitcoin prices reacted fairly swiftly, with the news about someone with the clout and track record like Thiel sending Bitcoin soaring.

Hot Stock's Highlights: Delta Air Lines Inc (NYSE: DAL)
It dived, as 22 investors sold DIN shares while 34 reduced holdings. 49 funds opened positions while 123 raised stakes. Finally, Teachers Advisors LLC increased its holdings in shares of Delta Air Lines by 65.0% during the second quarter.

LFP suspends goal line technology
The decision will be applicable to all the competitions and leagues that come under LFP, including the top-flight Ligue 1 and the League Cup.

TY Hilton named to fourth straight Pro Bowl
The highlight came November 5 at Houston when Hilton caught five passes for 175 yards and two touchdowns in a 20-14 victory. Green is nursing an undisclosed injury and will sit out the event on January 28 at Camping World Stadium in Orlando, Fla.

US President Trump ally Sheriff Joe Arpaio launches Senate bid
A year ago he was found guilty of criminal contempt after repeatedly ignoring a court order and faced up to six months in jail. Senate. "I'm not here to get my name in the paper, I get that every day, anyway", Arpaio told the newspaper.

Gov. Pete Ricketts touts tax relief, economic growth
Ricketts praised lawmakers from both sides of the political aisle for their efforts a year ago to bring him "many great things". When state revenues reach certain benchmarks, triggers are in place to increase the amount of credits.

North Korean diplomats fear war with US
I just don't want to comment", adding that his attitude towards North Korea is intentional and part of a broader goal. Trump offered no details and asked whether he had spoken with Kim, said: "I don't want to comment on it.

Sevilla interested in signing Chelsea forward in January
Especially as one of his strikers may be angling for a move away from Stamford Bridge for the rest of the season. As per Goal , Conte wants to sign a striker this month before Batshauyi can be loaned out.

Baidu Selects ON Semiconductor Image Sensors For Its Apollo Autonomous Driving Platform
QNX will be the operating system for "Apollo", a platform for self-driving vehicles that Baidu announced in April previous year . Baidu's president, Ya-Qin Zhang, will be speaking at the Consumer Electronics Show on a panel about self-driving vehicles.

Transgender Big Brother star Rebekah Shelton is NOT dead
One of the most loveable BB housemates. "You can't see what I've been through; you can't see my heart or feelings". This person can't accept the fact I'm happy, I overcame all my problems and I'm finally happy.

How Your Favorite Celebs Rang in 2018
Odds are you spent New Year's Eve binging Netflix while eating a full pizza, but that's not exactly how Selena Gomez rang in 2018. It's covered in quilted napa leather and bold color-blocking gives it a graphic feel that's as modern as it is timeless.