A recent CNBC report indicated that Morgan Stanley, one of the largest banks in the United States, will soon offer access to bitcoin funds to its wealth management clients. According to the report, the bank would be granting its customers access to three funds that facilitate bitcoin ownership.
Two of these funds are from Galaxy Digital – the parent company of Grayscale Investment – and the third is from FS Investments and the bitcoin-focused company NYDIG.
This development is an especially notable indication of the increasing acceptability of the main cryptocurrency asset as a viable investment option. It was probably necessary due to a growing outcry over exposure to bitcoin by Morgan Stanley customers.
Currently, only customers with an “aggressive risk tolerance” who have at least $ 2 million in assets with Morgan Stanley would be allowed to invest in the funds. Meanwhile, investment firms looking to turn to the bank must keep 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 invest just 2.5% of their total value in bitcoin funds.
Bitcoin’s performance in recent months has forced the hands of many ex-skeptics, turning them into bitcoin believers. Morgan Stanley, along with other Wall Street companies, was forced to rethink its attitude towards this “digital gold”.