A recent CNBC report has 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 give its customers access to three funds that would facilitate Bitcoin ownership.
Two of these funds come from Galaxy Digital, the parent company of Grayscale Investment, and the third, from FS Investments and the bitcoin-centric company NYDIG.
This development is a particularly notable indication of the growing acceptability of leading cryptocurrency assets as a viable option for investment. It was probably necessitated by a growing outcry over the exposure to bitcoins of Morgan Stanley customers.
Currently, only customers with an “aggressive risk tolerance” who have at least $ 2 million in assets with Morgan Stanley could invest in the funds. Meanwhile, investment firms wishing to take advantage of them should keep up to $ 5 million with 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 investing only 2.5 percent of its total value in bitcoin funds.
Bitcoin’s performance in recent months has forced the hands of many former skeptics, making them loyal to bitcoin. Morgan Stanley, along with other Wall Street companies, has been forced to rethink its attitude towards this “digital gold”.