America’s elite bank, Morgan Stanley has become the first major bank offering its wealthy customers access to bitcoin funds.
In a report credited to CNBC, Morgan Stanley’s wealth management with about $4 trillion in client assets, informed its financial advisors through an internal memo that it was starting access to three funds that enable ownership of the flagship crypto.
Such feat is going to boost the world’s most popular crypto asset in the near term at least on the account a leading investment bank with a massive global footprint is providing its clients exposure to Bitcoin.
However, it is critical to note the New York-based investment bank is only allowing its wealthier clients access to the volatile Crypto, as customers with about $2 million by asset qualify for such access.
Though even for those accredited U.S. investors with brokerage accounts and enough assets to qualify, the bank is curbing bitcoin investments to as much as 2.5% of their total net worth.
This would further fuel the crypto’s bullish rally presently in play.
Not forgetting that investors are flocking into Bitcoin on the bias that reveals credible institutional investors from Tesla Inc, BlackRock to Square move a portion of cash reserves into cryptocurrencies as digital assets become more mainstream.
That being said, it’s key to note that Bitcoin is becoming very scarce, amid the bias that its present supplies are arbitrarily squeezed by strong institutional buying, as recent data reveal Bitcoin’s supply has been dropping for 12 months.
There are currently about 2 million BTCs available in satisfying the high demand for the world’s most demanded financial assets