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09 Apr 2026

Bitcoin, a tool for friends and foes

Schwab prepares spot crypto trading and suggests 1–8.8% BTC allocations, Morgan Stanley sees a strong ETF launch, Bhutan reduces BTC holdings, and we examine Iran’s remarkable toll proposal in this week’s deep dive.
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Schwab prepares to launch spot crypto trading
Charles Schwab is preparing to launch spot crypto trading, with a waitlist open for Schwab Crypto accounts expected in the first half of 2026. Clients already access crypto via ETFs and futures, but the new product will allow direct Bitcoin and Ethereum purchases, though without features like withdrawals or staking. The rollout will be gradual, starting with employees and a limited early-access group.The firm is taking a cautious approach, separating crypto holdings from insured brokerage assets and limiting functionality compared to native crypto platforms. Schwab is not alone, as E*Trade, owned by Morgan Stanley, is also planning spot trading for Bitcoin, Ether, and Solana through a partnership with Zerohash.Schwab suggests crypto allocations vary by strategy. In a return-based approach, bitcoin could be aroun
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