- February 13, 2021
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
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Morgan Stanley’s $150 billion Counterpoint Global investment unit is considering placing a bet on bitcoin, according to a report by Bloomberg, which cited people familiar with the matter.
- In order to move ahead with an investment would need approval by the firm and regulators, Bloomberg noted.
- If true, this investment would not be Morgan Stanley’s first exposure to the leading cryptocurrency. Already, it has a nearly 11% stake in the bitcoin-laden business intelligence company MicroStrategy, per CoinDesk’s reporting.
- Analysts at Morgan Stanley say bitcoin has potential to strongly compete with the dollar, but acknowledge in a recent report that the more investors “hodl” bitcoin, the weaker its appeal to be used as a currency becomes.
- A spokesperson from the investment bank declined to comment.
- The investment unit manages nearly 20 funds, and Bloomberg reports five of those funds returned gains over 100% last year.
CORRECTION (Feb. 13 15:57 UTC): Corrects that the investment arm has $150 billion under management.
