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Morgan Stanley’s $150B Unit Considers a Stake in Bitcoin

Morgan Stanley’s $150B Unit Considers a Stake in Bitcoin
  • A Morgan Stanley investment unit is reportedly considering a bet on Bitcoin.
  • Counterpoint Global, A Morgan Stanley unit worth $150B, is eyeing the investment.
  • The investment would require regulatory approval.

An Investment unit under Morgan Stanley is exploring a stake in Bitcoin. Counterpoint Global, a $150 billion investment unit, is looking to see if the cryptocurrency would be a suitable option for its investors. However, the investment would require regulatory approval.

Were it to occur, the investment by Counterpoint Global would be one of many high-profile moves into cryptocurrency from well-established companies, banks, and investment firms.

According to The Wall Street Journal, Bank of New York Mellon, the country’s oldest financial institution, plans to offer bitcoin transactions. Also, the bank would allow merchants to receive select cryptocurrencies.

In addition, Tesla said it had invested $US1.5 billion into Bitcoin, sending the cryptocurrency about 16% higher early last week. On Wednesday Tweeter also said it was considering adding some Bitcoin to its balance sheet.

These reports have pushed bitcoin prices higher, driving it above $48,000 for the first time last week. Bitcoin price has gone up 60% so far this year.

Morgan Stanley has been bearish on cryptocurrency in the past. In 2017, an analyst at Morgan Stanley claimed the real value of Bitcoin was zero. At the time, Bitcoin was trading at about $US14,400.

At least one Bitcoin supporter has predicted that its price would climb to $US100,000 this year. In comparison, some commentators have urged investors to stay away from the cryptocurrency while it’s trading at all-time highs. About 1,000 investors, known as whales, control about 40% of the bitcoin market.

A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.