Summary: For Bank of America customers who want to buy cryptocurrencies like Bitcoin, the best option is to use FinCEN regulated exchanges like eToro. Besides being regulated in the United States, this exchange is easy to get started with and use for new crypto investors. All you have to do is signup, connect your BoA account (or credit/debit card) and make a free USD deposit. The funds will then quickly arrive and you can then begin your crypto investing journey!
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If you're a Bank of America client, you might be wondering how you can invest in cryptocurrencies like Bitcoin.
While Bank of America doesn't directly offer this service, they do allow you to connect your bank account to a regulated cryptocurrency exchange like eToro to make your purchases.
If you're looking to invest in cryptocurrencies using your Bank of America account, the good news is that it's a relatively straightforward process.
All you need to do is sign up for a regulated cryptocurrency exchange and deposit funds via bank transfer, which is usually free of charge.
When it comes to choosing an exchange, we recommend going with eToro as this exchange is regulated and offer a wide variety of cryptocurrencies.
This includes popular digital assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cosmos (ATOM) and many others.
One of the biggest advantages of using Uphold and eToro is that they are beginner-friendly for those new new to the world of cryptocurrencies.
Simply signup today, make your first deposit from your BoA account and you are ready to invest in crypto!
1. Create Account: Signup and add your identity verification.
2. Deposit Funds: Via your BoA account or credit/debit Card.
3. Start Buying: Once your deposit has reached your account.
Based on Forbes crypto credit card research conducted in 2022, Bank of America does not permit the purchase of cryptocurrencies with any of its credit cards.
Having said this, it is possible to connect your BoA account to a regulated exchange or to link your debit card and make a deposit that way.
We would argue that Bank of America is very crypto-friendly. Their clients are not restricted from buying cryptocurrencies from cryptocurrency exchanges. Also, BoA is actively researching the cryptocurrency space.
Bank of America's digital asset research report estimated that 14% (21.2mn) of adults in the U.S. own digital assets, and 13% (19.3mn) planned to buy digital assets. With these numbers in mind, it's unlikely that Bank of America will impose any crypto restrictions on their clients.
Bank of America's latest crypto report found that consumer interest in crypto and digital currencies is going strong.
Out of a 1000 respondents, 91% intended to buy crypto in the next six months. The survey also showed that there is a growing interest in the use of digital currencies as a payment method, with 39% and 34% of respondents using crypto as a payment method.
It is clear that Bank of America is keeping a close watch on the growth of cryptocurrency adoption. Looking at internal data, we can see that millions of Bank of America customers have been or still are active crypto users. Candace Browning, Head of Bank of America Global research had this to say:
"This isn't just Bitcoin anymore. This is digital assets and it's creating a whole ecosystem of new companies, opportunities and applications."
On the question of whether Bank of America would begin offering cryptocurrency services, CEO Brian Moynihan shared that:
“Because we’re regulated and they [regulators] have said you can’t. They’ve said, ‘you have to ask us before you do it and, by the way, don’t ask’ — was basically the tone.”
Bank of America is second biggest bank in the United States serving over 56 million consumers and small businesses in the United States.
Their digital banking is used by over 40 million users and over 30 million mobile users that have full access to banking, investing and asset management.
The bank offers various services, including personal and business banking, credit cards, loans, and investment products and has over 5,000 branches and 16,000 ATMs.
Bank of America is a FDIC-insured member of the Federal Reserve System, has over 300,000 employees and generated over $90 billion in revenues with $3 trillion in assets.
+3000 Cryptos, Stocks, ETFs
0% Fees on Stocks & ETFs
30M Users & 140 Countries
Regulated & Safe Platform
