News

Report: Morgan Stanley will let wealthy clients access bitcoin funds, due to popular demand

Morgan Stanley is the latest Wall Street stalwart to embrace cryptocurrency. The financial group will be the first big U.S. bank to allow wealth-management clients access to bitcoin funds, CNBC first reported, citing anonymous sources. A source familiar with the matter confirmed the plan.

According to CNBC, Morgan Stanley is launching three funds that enable ownership of bitcoins. The bank currently manages more than $4 trillion in client assets, but the option to buy bitcoins will first be offered to just the richer echelon, who have at least $2 million held by the firm and an “aggressive risk tolerance” for the volatile asset. Bitcoin purchases will be limited to 2.5% of investors’ net worth, sources told the outlet.

Morgan Stanley declined to comment.

Despite the restrictions, it’s a major victory for cryptocurrency, which has been propelled into the mainstream over the past few months. As the bitcoin’s value has skyrocketed beyond $50,000, fueled by endorsements from financial influencers Jack Dorsey and Elon Musk, big-money institutions have begun to welcome digital assets, including PayPal, Mastercard, and the historic Bank of New York Mellon.

MORE

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s