A recent CNBC report indicated that Morgan Stanley, one of the largest banks in the United States, will soon be offering access to bitcoin funds for its wealth management clients. According to the report, the bank would give its customers access to three funds that facilitate ownership of bitcoin.
Two of these funds come from Galaxy Digital – the parent company of Grayscale Investment – and the third is from FS Investments and the bitcoin-focused company NYDIG.
This development is particularly noteworthy as the growing acceptability of the leading cryptocurrency asset as a viable investment option. This was probably necessitated by a growing scramble for bitcoin exposure of Morgan Stanley’s customers.
Currently, only clients with an ‘aggressive risk tolerance’ who own at least $ 2 million to Morgan Stanley may invest in the funds. Meanwhile, investment firms must keep 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 only 2.5 percent of their total value in the bitcoin funds.
The performance of Bitcoin over the past few months has forced the hands of many former skeptics and turned it into bitcoin believers. Morgan Stanley, along with other Wall Street businesses, has been forced to reconsider its stance on this ‘digital gold’.