Bank of America is now suggesting its clients put up to 4% of their investment portfolios into cryptocurrencies, particularly Bitcoin. It’s the first time the bank has openly advised its wealth management clientele to invest in digital assets.

In a Tuesday statement to clients, Bank of America endorsed a 1%-4% allocation to crypto assets for clients of its Merrill, Bank of America Private Bank, and Merrill Edge platforms. In addition, BofA investment strategists will begin tracking and covering four bitcoin ETFs in January. The launch of BTC ETFs in January 2024 was a huge success and sparked a bit of a revolution for crypto on an institutional level. Bank of America acknowledged the growing influence of crypto earlier this year and has now officially endorsed it to its clients.

“For investors with a strong interest in thematic innovation and comfort with elevated volatility, a modest allocation of 1% to 4% in digital assets could be appropriate,” Chris Hyzy, chief investment officer at Bank of America Private Bank, said in the endorsement. “Our guidance emphasizes regulated vehicles, thoughtful allocation, and a clear understanding of both the opportunities and risks.”

Furthermore, Bank of America’s CIO-covered bitcoin ETFs will include the Bitwise Bitcoin ETF (BITB), Fidelity’s Wise Origin Bitcoin Fund (FBTC), Grayscale’s Bitcoin Mini Trust (BTC), and BlackRock’s iShares Bitcoin Trust (IBIT), starting January 5th. “The lower end of this range may be more appropriate for those with a conservative risk profile, while the higher end may suit investors with greater tolerance for overall portfolio risk,” Hyzy added in his statement.

Earlier this year, Bank of America announced plans to launch its own stablecoin, following in the footsteps of JPMorgan and Citigroup. CEO Brian Moynihan didn’t give a timeline yet for the announcement, but it was one of the bank’s first proclamations of its interest in digital assets.