Bitcoin Steady Above $57,000 As Morgan Stanley Unveils Plans To Invest Clients In Cryptoassets

Bitcoin's price was back above $57,000 this morning after Morgan Stanley said late last week that it plans to offer its high net worth clients exposure to the crypto.

Bitcoin, Money, Virtual, Market

Higher net worth individuals with advisers are one of the groups that is likely to have less exposure to cryptoassets thus far, with many of the traditional ways they invest - such as via funds - still in their relative infancy when it comes to bitcoin (BITCOMP).

On Friday in an internal memo, Morgan Stanley (MS) told its financial advisers it would launch access to three funds to allow its clients to have exposure to bitcoin, according to reports.

As banks increasingly consider allocations to cryptoassets on behalf of clients, the expectation is that there will be a fresh wave of interest for bitcoin and its peers, which could have a significant impact on demand.

Bitcoin has already rallied significantly this year, peaking above $60,000 earlier this month.

Simon Peters, analyst, eToro

Deutsche Bank: Bitcoin too important to ignore

Global banking giant Deutsche Bank (DB) has said bitcoin is now “too important to ignore” for global regulators, and expects governments to start regulating the cryptoasset by the end of 2021.

With a market capitalisation of $1 trillion and potential for continued growth, Deutsche Bank analysts have made several predictions about its future, foreseeing potential further rises in price, as well as oversight from global regulators.

In a report titled “The Future of Payments: Series 2 Part III. Bitcoins: Can the Tinkerbell Effect Become a Self-Fulfilling Prophecy?”, Deutsche Bank analysts reviewed the journey bitcoin has been on so far, before adding that the price “could continue to rise” further as long as asset managers and companies continue to enter the market.

It added that central banks and governments now “understand that Bitcoin and other cryptocurrencies are here to stay” and it therefore expects them to start regulating the cryptoasset by late 2021.

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Disclaimer: This article should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been ...

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