Copy link
Increase text size
Decrease text size
Link copied

Morgan Stanley mulls investing in Bitcoin (BTC) via its investment arm Counterpoint Global

Morgan Stanley's investment unit Counterpoint Global is reportedly considering investing in Bitcoin.

Image by: Wikipedia Commons

Mon, 15 Feb 2021, 09:41 am UTC

Bitcoin’s rally started last year with the entry of institutional investors into the crypto market. Morgan Stanley, one of Wall Street’s biggest names in the financial world, might join the trend as its investment unit is reportedly considering investing in BTC.

Counterpoint Global is considering the possibility of adding Bitcoin (BTC) to its list of possible bets, Bloomberg reported. The firm is the $150 billion investment unit of Morgan Stanley Investment Management known for its expertise in picking growth stocks.

Morgan Stanley’s investment arm “is exploring whether the cryptocurrency would be a suitable option for its investor,” according to unnamed sources described as knowledgeable on the matter. However, such type of investment would require approval from both the parent firm and regulators.

If the company’s rumored plan pushes through, Counterpoint Global will join the ranks of several well-established companies, investment firms, and banks that have entered into crypto. For instance, Bank of New York Mellon recently announced that it plans to offer Bitcoin transactions to clients, Business Insider reported.

As one of Wall Street’s most recognized names in the financial industry, Morgan Stanley’s entry into crypto could help ease Bitcoin’s acceptance in traditional finance. Customer interest in Bitcoin has skyrocketed thanks to the four-fold rise in BTC’s price in just four months.

After smashing its previous 2017 all-time high in December, Bitcoin’s price rose relentlessly setting a series of records in the process. BTC set a new all-time high on February 11 when it briefly traded at $49,716.44, according to Coindesk. The crypto’s price retreated since then and is trading at $47,582 at the time of writing based on Coinmarketcap data.

Morgan Stanley has been known for being bearish on Bitcoin in the past. For example, one of its analysts said in 2017 that the real value of Bitcoin is zero. At that time, BTC traded at around $14,400.

Counterpoint Global is known for picking unique companies with significant growth potential. Five of the group's 19 funds delivered gains of over 100 percent last year, an amazing feat considering the economic downturn brought by the coronavirus pandemic.

The company betted on companies engaged in streaming services and e-commerce, niches that benefited during the pandemic’s lockdown period. Among its most notable picks included Amazon, Zoom, Moderna, Shopify, and Slack Technologies.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • abana
  • 2021.02.18 22:52:47
Thanks for a genuine and positive recommendation. I truely appreciate.
  • 0
  • ·
  • 0
  • Bitcoin (btc) $51,841.00 (+3.67%)
  • Ethereum (eth) $1,778.81 (+7.83%)
  • Tether (usdt) $0.999634 (+0.04%)
  • Binance Coin (bnb) $236.80 (+1.75%)
  • Cardano (ada) $1.12 (+0.39%)
  • Bitcoin (btc) $51,841.00 (+3.67%)
Mar 8, 2021 (Monday)
BTC Drops by 1.13% Within 5 Mins, Marking 50,320.36 USDT
BTC Surges by 1.0% Within 5 Mins, Marking 50,888.3 USDT
Geth v1.10.1 Released
ICON (ICX) Unaffected By South Korean Tax Investigation Into ICONLOOP, Says Chairman
ETC Group To Launch Ethereum ETP On Deutsche Borse
BTC Tops List Of Crypto Net Outflow With $470.34 Mln In Past 18 Hours
Central Bank Of France Eyes XRP As Basis For Digital Euro
Art & entertainment NFT creation and trading platform Curio tweeted to reveal that all 250 editions of the Technical Boy NFT have been sold out in 5 minutes.
Decentralized lending platform Ruler Protocol announced to support flash loan.
Argo Blockchain Completes Texas Land Purchase To Build Bitcoin Mining Facility
Atari To Launch Crypto Casino In Ethereum-Based Virtual World
Peter Brandt Believes There’s 50% Chance Bitcoin Will Go To $1 Million
NFT Global Reveals That Soribada’s Corporate Crisis Has Nothing To Do With SOBA Project
OKEx Lists Velo's Native Asset, VELO, For Spot Trading
Norway's Aker ASA Sets Up Bitcoin Unit
The Number Of BTC Held On Exchanges Crashed 20% In 12 Months
If Ripple Goes Away, XRP Will Keep Trading: CEO Brad Garlinghouse
Chainlink announced that decentralized finance protocol Set Protocl has integrated with DPL/USD price feed.
PolkaFoundry To Postpone IDO Plan
UFC Announces Regional Partnerships With Top Crypto-Only Sportsbook
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.