Institutional banking giant Morgan Stanley also seems to approve of Bitcoin. According to CNBC, Morgan Stanley will allow customers to invest in Bitcoin (BTC) according to the latest intelligence in the “Internal Memo”, but only under certain conditions.
“This investment bank is a giant in the field of wealth management, with customer assets of US$4 trillion. According to people familiar with the matter, the bank told its financial advisers in an internal memo on Wednesday that it is accessing three funds to allow customers to Hold Bitcoin,” CNBC reported on Wednesday. According to sources, this service is expected to open in April.
In the past year or so, mainstream finance’s interest in Bitcoin has risen significantly, with companies such as MicroStrategy, Tesla (Tesla) and Square buying large amounts of Bitcoin.
Participants of the Morgan Stanley Wealth Management Department can obtain Bitcoin through Galaxy Digital’s Bitcoin Fund LP and Institutional Bitcoin Fund LP, as well as the FS NYDIG Select fund jointly launched by FS Investments and NYDIG, but the maximum allocation limit is each client’s total 2.5% of wealth.
The client must also have a qualified investor status—holding capital valued at US$2 million or more in Morgan Stanley and maintaining a certain account history. For investment company customers, the minimum amount of capital held is increased to 5 million U.S. dollars. CNBC pointed out that every fund has minimum investment conditions.
Since its inception in 2009, Bitcoin has made considerable progress. The price of Bitcoin has risen from less than $1 to more than $60,000 and is now widely regarded as a viable investment. The total market value of Bitcoin also exceeds $1 trillion, which is higher than the market value of many well-known companies. Although Bitcoin has gained an important position in the eyes of the public, it still has a long way to go to become the main investment method in the investment community.
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.