Based on a report from Bloomberg information this morning, Morgan Stanley is the newest main monetary establishment to think about an funding in Bitcoin.
Citing “individuals with information of the matter,” the report says that Cointerpoint International, a subsidiary of Morgan Stanley Funding Administration with $150 billion in belongings beneath administration, “is exploring whether or not the cryptocurrency can be an appropriate choice for its traders.”
Morgan Stanley’s web site describes Counterpoint International as a fund specializing in investments “whose market worth can enhance considerably for underlying elementary causes.” The fund is up 72.7% on the yr, considerably outperforming the MSCI All Nation World Web Index returns of 16.25%.
The rising curiosity in Bitcoin shouldn’t essentially come as a shock, provided that the corporate has made vital funding in Microstrategy. In Janurary, Cointelegraph reported that Morgan Stanley had bought a 10% stake in Microstrategy, whose inventory has been on a tear and whose CEO has change into a Bitcoin icon since asserting a strategic funding in Bitcoin final yr.
Morgan Stanley isn’t the one main banking establishment trying to get entangled with cryptocurrencies, both. On their this fall earnings calls, each JP Morgan and Visa reaffirmed plans to keep up crypto fee providers, and representatives of each corporations expressed curiosity in additional improvement if purchasers and market situations demanded.