Market Data 
- Morgan Stanley to offer Bitcoin ETFs from BlackRock and Fidelity starting August 7.
- Eligible clients must have a net worth of $1.5M and high-risk tolerance.
- Cathie Wood predicts Bitcoin could exceed $1.5M per coin with institutional adoption.
Morgan Stanley recently announced that its financial advisors will soon be authorized to provide Bitcoin exchange-traded funds (ETFs) to selected clients.
With Morgan Stanley now on board, selling Bitcoin ETFs to their clients, it’s important to remember what ARK Invest’s Cathie Wood predicts happens next: pic.twitter.com/nT61Ob5YUx
— Altcoin Daily (@AltcoinDailyio) August 2, 2024
Starting August 7, the bank’s 15,000 advisors can solicit eligible clients to buy shares of BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund.This move represents a fundamental shift in Wall Street’s opinion to the use and adoption of bitcoin.
A Major Change at Morgan Stanley
This move reflects growing client demand and the evolving digital asset marketplace. U.S. SEC approval of 11 spot Bitcoin ETFs in January has been a crucial factor in Morgan Stanley’s decision. However, the bank is limiting these investments to clients with net worth of at least $1.5 million and high-risk tolerance. These investments will be confined to taxable brokerage accounts.
Morgan Stanley will monitor customers’ cryptocurrency holdings to ensure they do not become overly exposed. This method is intended to safeguard them against inherent hazards.
The bank’s authorized cryptocurrency investments are now confined to two Bitcoin ETFs from BlackRock and Fidelity. The private funds offered by Galaxy and FS NYDIG, which were available from 2021, were withdrawn earlier this year.
Cathie Wood’s Predictions
Cathie Wood of ARK Invest expects that Bitcoin’s value will continue to rise and might be worth more than $1.5 million per coin. This forecast is based on institutions committing approximately 5% of their portfolios to digital assets.
Wood’s revised outlook is consistent with general projections about Bitcoin’s incorporation into the global financial system. According to her, Bitcoin will be an essential part of the financial system of the future.
Morgan Stanley’s move to offer Bitcoin ETFs represents an important turn in the integration of bitcoin into mainstream finance. By catering to client demand, the bank positions itself at the forefront of financial innovation.
