[Digital Today Reporter Chigyu Hwang] It is news that Counterpoint Global, one of Morgan Stanley’s investment subsidiaries, is considering holding Bitcoin.
Bloomberg News reported on the 13th (local time), citing sources familiar with the internal situation. Reportedly, Counterpoint Global, which operates a $150 billion investment fund, is considering whether Bitcoin might be a suitable option for investors. If Counterpoint Global invests in Bitcoin, it will require regulatory approval, Bloomberg said.
If Counterpoint Global invests in Bitcoin, it could be one of the notable examples of incumbent companies, banks, and investment companies entering the virtual asset (cryptocurrency) market.
Earlier, BNY Mellon, the world’s largest custody bank, said it would support bitcoin transactions, and Mastercard unveiled plans to help merchants accept cryptocurrency payments.
Tesla has already invested $1.5 billion in Bitcoin, and Twitter is considering adding Bitcoin to its balance sheet.
Bitcoin price rose 60% this year alone. When it comes to future prospects, optimism and skepticism are mixed. Some Bitcoin supporters are predicting that the price of Bitcoin will rise to $100,000 this year, but not a few are calling for a distance from Bitcoin. Bitcoin is known to have about 1,000 investors known as’whales’ controlling 40% of the market.
In 2017, according to Business Insider, an analyst at Morgan Stanley, who belongs to Counterpoint Global, said the actual value of Bitcoin was zero. At the time, the price of Bitcoin was around $14,400.
The U.S. government is also watching the bitcoin market. U.S. Treasury Secretary Janet Yellen also pointed out that the problem surrounding Bitcoin is growing. “I know the vision of these new technologies, but I’m also seeing reality. Cryptocurrencies have been instrumental in laundering online drug trafficking and funding terrorism,” he said.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.