Morgan Stanley will become the first significant U.S. bank to provide wealth management clients access to Bitcoin funds, CNBC reported on Wednesday. Additionally, the bank has briefed its financial advisors that it will grant access to two Galaxy Digital funds managed by Mike Novogratz and a third FS NYDIG Select Fund. Moreover, the bank will provide funds to investors who have at least $2million in assets retained by the bank. Investment firms holding at least $5 million in the bank are also considered suitable. As per the report, in both situations, the accounts should be at least six months old.
Morgan Stanley becomes the first amongst the six biggest U.S. banks to provide their clients access to Bitcoin. As per the report, the bank decided after the bank’s clients asked for exposure to the crypto. The news is not a surprise as Morgan Stanley funded NYDIG’s current $200 million fundraising. Morgan Stanley owns approximately 11% of the MicroStrategy stock, a software company with several billion Bitcoin holdings.
Bitcoin receives Mainstream Acceptance
Nevertheless, Morgan Stanley has fueled more momentum by moving to provide Bitcoin funds. The Wall Street banks’ interest in Bitcoin has been already formulating up over the last few months. BNY Mellon admitted last month that it intends to present its clients with ‘an integrated service’ for digital assets, comprising classic cryptocurrencies and spread to stablecoins. In an attempt not to be left back, Goldman Sachs contended that it had resumed a trading desk to make markets in cryptocurrencies, indicating a crucial development in bringing the asset class into the mainstream.
Furthermore, Bitcoin is attaining mainstream acceptance. Big tech titans such as Tesla Inc, Grayscale, Square Inc are competing to purchase as many Bitcoins as possible. Moreover, Bitcoin has reached a long way after its commencement in 2009. Rising in price from less than $1 to up past $60,000, BTC is now universally accepted as a viable investment. Moreover, Bitcoin’s total market cap has also exceeded the $1 trillion mark. Bitcoin climbed to a record high of $61,781.83 on Saturday. Bitcoin’s current price at the time of this publication is $58,640.
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