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American investment bank Morgan Stanley could be the next major financial institution to bet on bitcoin and cryptocurrencies. The investment bank is exploring adding bitcoins to its portfolio.
Investment Group Mulling Crypto Adoption
American news outlet Bloomberg on Saturday revealed this latest development. According to the report, Counterpoint Global, a branch of the Morgan Stanley investment group, explores whether cryptocurrency would be a good option for its investors.
It further says that the group is currently in the consultation phase. If the move is agreed upon, the investment firm will be required to seek license and approval from its parent firm and regulators.
Morgan Stanley foray into bitcoin will put one of the most valuable Wall Street firms in the cryptocurrency industry. It would also be regarded as an endorsement from a traditional finance industry struggling to accept the reality of bitcoin and crypto-assets.
Bitcoin Gaining Waves In Wall Street
Wall Street firms have historically moved away from reports linking them to bitcoins. However, the increase in Bitcoin price has resulted in the digital asset demand in recent weeks.
As expected, Wall Street firms have looked to adapt, and some firms have begun to add cryptocurrencies to their portfolio. Hedge firms like MicroStrategy have placed huge funds in bitcoins and already made 100% within a few months.
This growing demand for Bitcoin has also spread to other mainstream firms like Mastercard and Bank of New York Mellon (BNY Mellon). The former revealed this week that it would integrate cryptocurrencies into its debit cards. While the latter announced the launch of a crypto custodial service for its institutional clients.
Leading electric car manufacturer Telsa also got into the act with a $1.5 billion investment in bitcoin. The firm also plans to start accepting the leading coin as a means of payment for its vehicles. Morgan Stanley’s interest in bitcoin is a good development for the cryptocurrency industry. However, Wall Street firms tend to show interest during bull rallies only for it to fizzle. The coming weeks will reveal more about the investment bank’s plans.