The investment arm of Morgan Stanley, known as Counterpoint Global, considers adding Bitcoin to its potential assets and companies’ list. The entry of th$150 billion entity would expand the investment sphere of Bitcoin.
As reported by Bloomberg, Morgan Stanley’s unit, Counterpoint Global, is planning to introduce Bitcoin to investors. However, Counterpoint Global needs approval by the parent company and regulatory authorities.
It is not strange that a century-old financial giant is exploring digital currency as many other reputed firms in the traditional world have accepted the top digital currency with an open heart. No one can ignore the fact that Bitcoin has shown extraordinary performance in the last four months. The unusual crypto growth has attracted veteran names of the financial world.
Famed hedge fund managers, such as Paul Tudor Jones and Alan Howard, have become active personalities favoring Bitcoin over other traditional assets. Recently, Mastercard said it would support crypto assets later this year. Similarly, Bank of New York Mellon, one of the oldest banks in the United States, is going to introduce crypto-related services.
However, some Wall Street firms have concerns as a lot of risks are linked with crypto investment. Due to unpredicted movements, many new investors lost money. On the other hand, people, who support Bitcoin from the beginning, are happy that it is a big achievement for the leading cryptocurrency that the world’s giant asset management firms are recognizing crypto potential.
Large investors are not investing directly into digital asset products. Instead, they are putting via trusts such as Grayscale Bitcoin Trust. The value of Grayscale’s assets under management has reached above $30 billion, and most of the investment is in the top digital currency.
Counterpoint Global only invests in those companies and assets which are destined to increase high in terms of price value and market cap. And Bitcoin fits the characteristics of potential high flying entities.
Counterpoint Global is managing nineteen different funds. Interestingly, five of these funds have skyrocketed by almost 100% last year. The majority of the companies dived into a loss as a result of the Coronavirus pandemic. But few firms, such as Shopify Inc., Zoom Video Communications Inc., Amazon.com Inc., Moderna Inc., and Slack Technologies Inc., benefited from the situation.