Another domino falls into the systemic takeover of crypto
According to the Bloomberg news report this morning, Morgan Stanley is the first major financial institution to consider investing in Bitcoin.
Citing ‘people with knowledge of the matter,’ the study says that Cointerpoint Global, a subsidiary of Morgan Stanley Investment Management with $150 billion in assets under management, ‘is investigating whether cryptocurrency would be an acceptable choice for its investors.’
Morgan Stanley’s website describes Counterpoint Global as an investment fund “whose market value can increase significantly for basic reasons.” The fund is up 72.7 per cent per year, significantly outperforming the MSCI All Country World Net Index by 16.25 per cent.
Growing interest in Bitcoin does not necessarily come as a surprise, considering that the business has made substantial investments in Microstrategy. Cointelegraph announced in Janurary that Morgan Stanley had acquired a 10% stake in Microstrategy, the stock of which has been on a tear and the CEO of which has become a bitcoin symbol after announcing a strategic investment in Bitcoin last year.
Morgan Stanley is not the only major banking entity trying to get involved with cryptocurrencies, either. On their q4 earnings calls, both JP Morgan and Visa reaffirmed plans to retain crypto payment services, and representatives of both companies expressed interest in further developments where customers and business conditions were needed.
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