Morgan Stanley to allow ‘Direct Ownership’ of Bitcoin for Clients
The American Banking giant, Morgan Stanley, is reportedly set to launch “Direct Ownership” of Bitcoin for its clients within their wealth management platform. The program is expected to roll out in 2-3 weeks. The bank also plans to run a crypto education program, which will involve calling its wealth advisors weekly to educate them on Bitcoin and the crypto market.
A few weeks ago, Morgan Stanley announced Bitcoin Funds for its prominent investors to help them gain exposure to one of the best-performing assets – Bitcoin. The current fuss about Morgan Stanley is in line with the recent mass Bitcoin adoption by traditional financial firms. Earlier this week, PayPal announced that it would allow U.S customers to pay in cryptocurrency. VISA also announced that it would allow crypto settlements on their network, using the USDC and Ethereum network.
Morgan Stanley and other one-time Bitcoin skeptics now Bitcoin enthusiasts
Bitcoin has grown from a speculative volatile asset in the eyes of traditional financial firms and wealth managers to become the growing store of value among the very same people. The adoption rate is so high that there might be an SEC-approved Bitcoin ETF before the end of the year. However, the majority of financial service providers would add Bitcoin to their product line. This bull season has also turned many skeptics into big-time Bitcoin supporters, who predicted that it would eventually disappear into oblivion. Bitcoin’s growing price and its decentralized network have made it the go-to choice of institutions as an inflation hedge.
Crypto enthusiasts like Goldman Sach and Morgan Stanley, who were once skeptics a year ago, are now actively looking for ways to add more Bitcoin products to their offering. And with the diminishing value of the U.S Dollar and Gold, Bitcoin would eventually become a dynamic asset for hodlers. While people who want to spend it for daily life purchases can do so by using second-layer solutions in VISA and PayPal.