Morgan Stanley’s $150 billion Counterpoint Global investment unit is considering placing a bet on Bitcoin
According to a Feb. 13 report by Bloomberg, Counterpoint Global, a $150 billion unit of American multinational investment bank Morgan Stanley, is exploring a Bitcoin bet.
Morgan Stanley’s $150 billion Counterpoint Global investment unit is considering placing a bet on bitcoin
Bloomberg noted:
“In order to move ahead with an investment would need approval by the firm and regulators.”
If true, this investment would not be Morgan Stanley’s first exposure to the leading cryptocurrency. Already, it has a nearly 11% stake in the bitcoin-laden business intelligence company MicroStrategy.
Analysts at Morgan Stanley said that Bitcoin has the potential to strongly compete with the dollar, but acknowledge in a recent report that the more investors hodl Bitcoin, the weaker its appeal to be used as a currency becomes.
A spokesperson from the investment bank declined to comment. The investment unit manages nearly 20 funds, and Bloomberg reports five of those funds returned gains over 100% last year.
As AZCoin News reported, The Bank of New York Mellon announced that it would launch cryptocurrency custody and trading earlier this week. Meanwhile, JPMorgan Chase is reportedly being actively pressured to get into Bitcoin by its own traders.
You can see the BTC price here.
Read more:
- Donald Trump’s Former Communications Director Anthony Scaramucci Predicts Bitcoin Price Could Hit $100,000 By 2022
- “Black Swan” Author Nassim Taleb Has Slammed Bitcoin For Its Volatility