As a researcher who has been closely following the evolution of cryptocurrencies for over a decade now, I can’t help but feel a sense of vindication seeing Morgan Stanley embrace Bitcoin ETF investments. Five years ago, when I was advocating for crypto to a Morgan Stanley advisor who scoffed and laughed at me, little did I know that his firm would soon be soliciting these same assets to their affluent clients.
Morgan Stanley is leading the pack among significant Wall Street banks by permitting their financial consultants to guide clients on Bitcoin ETF investment opportunities.
Starting from August 7, Morgan Stanley is set to enable its financial consultants to present Bitcoin ETFs to their qualified clients, as reported by CNBC. This move makes Morgan Stanley the initial significant Wall Street bank to take such a step.
Morgan Stanley’s team of approximately 1500 advisors are now authorized to invite clients to invest in shares of BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund, a decision made after the Securities and Exchange Commission (SEC) granted approval for 11 Bitcoin ETFs in January.
About five years ago, I had a conversation with a Morgan Stanley financial advisor who mocked me about cryptocurrencies. I predicted that there would be a day when he’d be selling crypto, and the reason he wasn’t then was simply because he didn’t have a method to receive payment for it. Who’s on the receiving end of laughter now?
— Digital Asset Investor (@digitalassetbuy) August 2, 2024
As a researcher in this field, I would like to clarify that our Bitcoin Exchange-Traded Fund (ETF) is specifically tailored towards individuals who meet certain criteria. To be considered eligible for our ETF solicitation, one must have a net worth of at least $1.5 million, demonstrate an aggressive risk tolerance, and express a keen interest in speculative investments.
Why does this matter?
By enabling financial advisors to provide Bitcoin Exchange-Traded Funds (ETFs) to qualified clients, this action indicates a wider embrace of Bitcoin by retail investors. Essentially, it’s making it easier for more people to invest in cryptocurrency, particularly the affluent, thereby increasing demand.
Investor Gary Cardone recently stated on X (formerly Twitter), “Approximately 15,000 top-earning salespeople worldwide will target the wealthiest families and institutions globally, funneling their resources into Bitcoin. I anticipate a $3 trillion market cap for Bitcoin within the next 18 months!”
An Exchange-Traded Fund (ETF) focusing on cryptocurrencies, specifically the one labeled as “spot,” follows the value of a chosen digital currency. The ETF’s investment portfolio is allocated to this selected crypto, which can be traded openly on various stock exchanges. Essentially, the ETF mirrors the price movements of the designated crypto.
Just as traditional investment funds, Crypto Exchange-Traded Funds (ETFs) operate on mainstream stock exchanges, enabling investors to store them within their regular brokerage portfolios. By investing in Bitcoin ETFs, individuals can access Bitcoin’s market performance without having to directly own the digital currency themselves.
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2024-08-03 01:26