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You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/traditional-finance-giants-face-backlash-over-crypto-restrictions" rel="noopener noreferrer nofollow">Traditional Finance Giants Face Backlash Over Crypto Restrictions</a> 
Merrill and Vanguard, known players from the 2008 financial crisis, are currently resistant to cryptocurrency, particularly limiting their clients’ access to spot <a href="https://en.bitcoinhaber.net/bitcoins-market-dynamics-navigating-the-ebb-and-flow" rel="noopener noreferrer nofollow">Bitcoin</a> ETFs. This stance, however, may soon change due to mounting backlash. Reports suggest that these traditional financial powerhouses are facing increasing criticism for their conservative approach to cryptocurrency investments.
In the United States, investors depend on their banks or asset managers to allow investments in financial products like spot Bitcoin ETFs. However, firms like Merrill and Vanguard restrict access to such products, citing risks like high volatility. Investors, in response, are starting to switch to other companies that offer more crypto-friendly services.
Eleanor Terrett of Fox Business recently reported growing discontent with Merrill and Vanguard, quoting investor Mike Alfred’s experience. Alfred recounted withdrawing all his funds from both firms due to their “lack of vision,” and was apologized to by senior account managers who admitted to personally investing in Bitcoin and receiving thousands of calls from customers wanting to move their accounts.
The importance of customer demand is crucial for asset managers and banks, as they risk losing clients to competitors with more attractive cryptocurrency offerings. Firms like BlackRock and JPMorgan have shifted their stance on crypto due to intense client interest, despite their initially harsh stance against it.
BlackRock, one of the largest investors in MicroStrategy, holds shares for its clients who view MSTR as an indirect Bitcoin ETF due to the company’s potential in cryptocurrencies. This trend suggests that other firms may eventually recognize the importance of aligning with customer interests in the crypto space.
<h5>The post first appeared on BH NEWS: <a href="https://en.bitcoinhaber.net/traditional-finance-giants-face-backlash-over-crypto-restrictions" rel="noopener noreferrer nofollow">Traditional Finance Giants Face Backlash Over Crypto Restrictions</a></h5>

Traditional Finance Giants Face Backlash Over Crypto Restrictions

BH NEWS

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