A recent report from CNBC has indicated that Morgan Stanley, one of the largest banks in the United States, will soon provide access to bitcoin funds to its asset management clients. According to the report, the bank would give its customers access to three funds that facilitate bitcoin possession.
Two of these funds are from Galaxy Digital – Grayscale Investment’s parent company – and the third is from FS Investments and the bitcoin-focused company NYDIG.
This development is a particularly remarkable indication of the growing acceptability of the leading cryptocurrency asset as a viable option for investment. It was likely necessitated by a growing call for bitcoin exposure from Morgan Stanley’s clients.
Currently, only clients with an “aggressive risk tolerance” who have at least $ 2 million in assets with Morgan Stanley are allowed to invest in the funds. Meanwhile, investment firms looking to tap should hold up to $ 5 million with the bank and their account must be at least six months old. Morgan Stanley is also going to limit investors who meet all of the above criteria to invest only 2.5 percent of their total value in the bitcoin funds.
Bitcoin’s performance in recent months has forced the hands of many former skeptics, turning them into bitcoin believers. Morgan Stanley, along with other Wall Street companies, has been forced to rethink its stance on this ‘digital gold’.