A recent CNBC report showed that Morgan Stanley, one of the largest banks in the United States, will soon provide access to bitcoin funds to its wealth management clients. According to the report, the bank would give its customers access to three funds that facilitate ownership of bitcoin.
Two of these funds come from Galaxy Digital – the parent company of Grayscale Investment – and the third is from FS Investments and bitcoin-based company NYDIG.
This development is a particularly remarkable indication of the growing acceptability of the top cryptocurrency asset as a viable investment option. It was probably necessary for a growing claim for exposure to bitcoin from Morgan Stanley’s customers.
Currently, only customers with an “aggressive risk tolerance” who have assets of at least $ 2 million with Morgan Stanley would be allowed to invest in funds. Meanwhile, investment firms wishing to intervene should hold up to $ 5 million in the bank, and their account must be at least six months old. Morgan Stanley will also limit investors who meet all of the above criteria to investing only 2.5% of their total value in bitcoin funds.
Bitcoin’s performance in recent months has forced the hands of many former skeptics, turning them into believers into bitcoin. Morgan Stanley, along with other Wall Street firms, had to rethink his attitude toward this “digital gold.”