As a researcher with over two decades of experience in financial markets, I can confidently say that this is a monumental step forward for the integration of cryptocurrencies into mainstream finance. Having closely followed the evolution of Bitcoin and other digital assets, I’ve witnessed the skepticism, the excitement, and the eventual acceptance by traditional institutions.
A significant achievement in the world of cryptocurrencies was reached when Morgan Stanley became the initial big bank to endorse Bitcoin for selling to its customers upon request.
Numerous members of the cryptocurrency community are praising a significant decision made by one of the globe’s leading wealth management companies. This includes Michael Saylor, the chairman and co-founder of MicroStrategy.
Morgan Stanley’s move to allow solicited Bitcoin purchases signifies a crucial step towards mainstream finance incorporating digital assets, as highlighted by Saylor who emphasizes its significance as a notable landmark.
Morgan Stanley has become the initial significant bank to endorse the sale of Bitcoin to its clientele upon request.
— Michael Saylor⚡️ (@saylor) August 2, 2024
On Twitter, Saylor posted: “Morgan Stanley has become the pioneer among big banks, offering Bitcoin for purchase to their clients upon request.”
With Saylor at the helm, MicroStrategy has significantly increased its Bitcoin reserves, placing it among the top corporate Bitcoin owners. Recently in July, MicroStrategy purchased an extra 169 Bitcoins worth $11.4 million, bringing their total to a whopping 226,500 BTC.
In the year 2020, ardent Bitcoin advocate, Saylor, started acquiring it as a means to shield against inflation and as an alternative form of cash.
Morgan Stanley makes big Bitcoin announcement
On Friday, Morgan Stanley notified its team of financial advisers that they’ll soon be able to provide Bitcoin Exchange-Traded Funds (ETFs) to certain clients, making it the first major bank on Wall Street to do so, as reported by CNBC.
Starting August 7, the company’s approximately 15,000 financial advisors will be authorized to invite eligible clients to invest in two exchange-traded Bitcoin funds: BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund.
The departure from Morgan Stanley, a globally renowned asset management company, serves as another indication that Bitcoin is increasingly being embraced by traditional financial systems. In January, a significant event unfolded when the U.S. Securities and Exchange Commission granted approval for 11 Bitcoin spot ETFs, marking a substantial advancement in the crypto sector.
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2024-08-03 18:50