One of the biggest investment banks in the U.S. will allow clients to invest in bitcoin funds, signaling a new attitude toward the asset.
A recent report from CNBC has indicated that Morgan Stanley, one of the biggest banks in the United States, will soon offer access to bitcoin funds to its wealth management clients. According to the report, the bank would be granting its clients access to three funds that facilitate ownership of bitcoin.
Two of these funds are from Galaxy Digital — the parent company of Grayscale Investment — and the third is from FS Investments and bitcoin-focused company NYDIG.
This development is an especially notable indication of the growing acceptability of the leading cryptocurrency asset as a viable option for investment. It was likely necessitated by a growing clamor for exposure to bitcoin from Morgan Stanley’s clients.
Presently, only clients with an “aggressive risk tolerance” who have at least $2 million in assets with Morgan Stanley would be allowed to invest in the funds. Meanwhile,investment firms looking to tap in would need to hold up to $5 million with the bank and their account must be at least six months old. Morgan Stanley is also going to be limiting investors who meet all of the above criteria to investing only 2.5 percent of their total worth into the bitcoin funds.
Bitcoin’s performance in recent months has forced the hands of many former skeptics, turning them into bitcoin believers. Morgan Stanley alongside other Wall Street firms, has been forced to rethink its attitude toward this “digital gold.”