Morgan Stanley Considers Bitcoin Bet for $150 Billion Investment Unit
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According to a recent report published by Bloomberg, Counterpoint Global, a $150 billion unit of American multinational investment bank, Morgan Staley is considering a Bitcoin (BTC) bet.

Citing anonymous sources familiar with the development, the publication says that the major banking company is currently considering adding the leading cryptocurrency to its portfolio.

Read Also: Bloomberg Analyst Shares Reason Why Bitcoin (BTC) Could Hit $20,000 by the End of 2020

Expectedly, before such a move could materialize, it has to first sail through the regulatory hurdles.

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If it goes as planned, this investment would not be Stanley’s first exposure to the leading digital currency. According to CoinDesk, the firm already has a relatively 11% stake in the Bitcoin-dominated business intelligence company MicroStrategy.

Analysts at Morgan Stanley say Bitcoin (BTC) has the potential to strongly compete with the US Dollar but acknowledged in a recent report that the more investors hodl Bitcoin, the weaker its appeal to be used as a currency becomes.

Read Also: Wall Street giant Fund Seeks SEC Approval to Purchase $500 Million Worth of Bitcoin (BTC)

A spokesperson from Morgan Stanley declined to comment. The investment unit manages nearly 20 funds, and Bloomberg reports five of those funds returned gains over 100% last year.

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Tobi Loba

By Tobi Loba

Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.