Despite the massive surge in cryptocurrencies, Wall Street Banks have stayed on the sideline. Until recently, Morgan Stanley is planning to offer wealthy clients who have at least $2 million under a New York-based firm access to three funds that provide bitcoin ownership.
NYDIG and FS Investment run one of the funds, and the other two are managed by Galaxy Digital, according to a person familiar with the matter, with the move hasn’t been officially announced to the public.
Read more on Kraken CEO’s view on Bitcoin going to the moon
On Wednesday, Bitcoin has rebounded from near $54,000 to more than $59,500 upon a weaker dollar and more aggressive rate projections.
According to the head of digital asset markets at Morgan Stanley, Andrew Peel has seen an increasing interest in digital assets such as Bitcoin from traditional financial firms. The move to allow firms and wealthy clients to gain bitcoin ownerships could add synthetic exposure to their portfolio.
This is a favorable signal to cryptocurrency traders as the longer-term prospects are supported by Wall Street banks starting to embrace cryptocurrency assets upon rising client interest.
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