BofA recommends up to 4% portfolio allocation to crypto

Bank of America (BofA) has recommended that wealth management clients consider allocating up to 4% of their portfolios to crypto assets despite the ongoing bear market, Yahoo Finance reported. Chris Hyzy, Chief Investment Officer of BofA Private Bank, stated that an allocation of one to 4% could be appropriate for investors interested in thematic innovation who can tolerate high volatility. He added that the lower end of this range is suitable for more conservative investors, while the upper end is for those willing to assume greater risk. The report also noted that BlackRock has advised investors to allocate one to 2% of their portfolios to Bitcoin, while Fidelity has recommended a two to 5% allocation.