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Bitcoin is on Wall Street
Bitcoin has come a long way since its inception in 2009 and now we can see the latest sign of its adoption on Wall Street. Institutional banking powerhouse Morgan Stanley will give accredited wealth management clients access to BTC investing. It will be the first big U.S. bank to make such an offer.
The investment bank is launching access to three funds that enable ownership of Bitcoin. Two of them are from Galaxy Digital, a crypto firm founded by Mike Novogratz, the third one is a joint effort from asset manager FS Investments and Bitcoin company NYDIG. NYDIG's CEO, Robby Gutmann, said that "the next week, you'll see game-changing milestones for Bitcoin adoption in the financial landscape".
There are also a number of criteria that investors must meet: clients must hold capital at Morgan Stanley valuing $2 million or more, investment firms need to have $5 million at the bank to qualify for the new stakes. And even for those accredited U.S. investors, Morgan Stanley is limiting Bitcoin investments to as much as 2.5% of their total net worth.
Let us also recall that we recently wrote an article about the Canadian Stock Exchange, which officially launched three Bitcoin ETFs in order to give investors easy and efficient access to the emerging asset class of cryptocurrency.
The consequences of these events were not long in coming—BTC price in $ 60,000 again in sight. Its dominance rate in the cryptocurrency market is 60.9%. Also, Bitcoin’s market capitalization has surpassed that of Visa and Mastercard combined. Now we can see how every day BTC is gaining more and more significant status in the public eye.