Morgan Stanley now allows its wealth advisers to pitch Bitcoin ETFs for its clients. A spokesperson for the fund said: CNBC report The bank is expected to grant the permission on Friday. This will be a world first for major Wall Street Banks.
CNBC reports that the firm’s approximately 15,000 financial advisors will be able to solicit clients who are eligible for bitcoin fund shares. This can begin on August 7. Morgan Stanley’s financial advisors can pitch BlackRock IShares Bitcoin Trust or Fidelity Wise Origin Bitcoin Funds to their clients. Morgan Stanley will only allow clients who have a minimum net worth of $1.5million to participate in these ETFs. CNBC sources confirmed that these investments will be made in taxable brokerages accounts and not retirement funds.
They also add that the bank has not yet approved any new Bitcoin ETFs but is watching the current market for newly-approved ETFs. Morgan Stanley could add Ethereum ETFs to its menu in the future, if BTC ETFs are successful.
Also Read: XRP & BTC: Peter Brandt’s Alarming Forecast!
The SEC approved the nationwide launch of Spot Bitcoin Exchange Traded Funds in January 2024. The funds did extremely well in the initial months, with Bitcoin reaching a record high of $73,000 by March. In the years since, Bitcoin has experienced ups-and-downs but remains at around the $63,000 level.
According to analysts, Bitcoin has a bullish trend despite being lower than its previous high. Morgan Stanley’s recent announcement will most likely fuel the hype surrounding Bitcoin ETFs. Other banks may follow Morgan Stanley’s lead and allow the sale of Bitcoin ETFs. This could increase demand for this asset, which would then boost its value.
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Source: watcher.guru
