Major Banks Dip Toes into Bitcoin: Offer BTC ETFs to Wealthy Clients

Major Banks Dip Toes into Bitcoin: Merrill and Wells Fargo Offer Bitcoin ETFs to Wealthy Clients

In a move signaling growing mainstream acceptance of cryptocurrency, Bank of America's Merrill Lynch and Wells Fargo will be offering Bitcoin exchange-traded funds (ETFs) to their wealth management clients, according to a Bloomberg report on February 29th.

While the official announcement hasn't been made, sources familiar with the matter revealed that these banks are opening brokerage accounts specifically catering to clients seeking exposure to Bitcoin through ETFs. This news comes on the heels of Bloomberg ETF analyst Eric Balchunas's statement on February 28th, suggesting that major financial institutions are seriously considering adding Bitcoin ETFs to their offerings.

This development marks a significant step towards broader adoption of Bitcoin and highlights the growing interest in cryptocurrency among traditional financial institutions. However, it's important to note that these offerings are currently limited to a specific clientele and not available to the general public.

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Elon Musk Sues AI Company He Co-Founded, Citing Deviation from Mission

Elon Musk, has filed a lawsuit against OpenAI, an artificial intelligence research company he co-founded in 2015, according to a Reuters report on Thursday.

The lawsuit alleges that OpenAI breached its contractual agreements and deviated from its original mission of benefiting all of humanity. Musk, who served as co-chair of OpenAI alongside current CEO Sam Altman, is seeking to ensure the company adheres to its founding vision.

The specific details of the alleged contract breach and the evidence presented by Musk remain undisclosed. However, this development highlights a potential conflict between OpenAI's initial goals and its current direction.

It's important to note that this is a developing story, and further information regarding the lawsuit and its implications will likely emerge in the coming days and weeks.

US Government Transfers Seized Bitfinex Bitcoin on the Day of Price Surge

The United States government recently transferred $922 million worth of Bitcoin from two cryptocurrency wallets. These funds originated from Bitfinex, a cryptocurrency exchange, and were seized in 2016 following a major hacking incident.

Key points to note:

• The transfer occurred on February 28th, 2024, coinciding with Bitcoin breaching $60,000 for the first time in over two years.

• The seized funds were linked to a 2016 hack of Bitfinex. The stolen amount, approximately 119,754 BTC, is currently valued at over $7.4 billion.

• This transfer comes a day after Ilya Lichtenstein, a hacker responsible for stealing and laundering over $4.5 billion in Bitcoin from Bitfinex, appeared in court.

Uncertainties:

• The specific purpose behind the US government's decision to transfer Bitcoin remains unclear.

• The connection, if any, between the transfer timing and the recent Bitcoin price surge is speculative at this point.

Lichtenstein and his spouse admitted guilt to a conspiracy for money laundering related to the Bitfinex hack in August 2023.

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