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Photo = REUTERS
CNBC reported on the 17th (local time) that Morgan Stanley, a global investment bank (IB), has decided to allow investment in bitcoin funds for clients in the asset management sector. Morgan Stanley is the first major US bank to allow investment in Bitcoin.
According to CNBC, Morgan Stanley notified an employee in charge of private banking (PB) sales of the policy. The investment objectives are three: two funds operated by Galaxy Digital, a cryptocurrency company (virtual currency), and a fund jointly operated by FS Investments, an asset management company, and NYDIG, a bitcoin company. Morgan Stanley is expected to start service next month.
However, investment opportunities are only provided to high-value asset owners who can afford to withstand the high volatility of Bitcoin. Individuals must have at least $ 2 million in consignment assets with an “aggressive investment propensity.” Companies must maintain a balance of more than $ 5 million. They can invest in Bitcoin within 2.5% of their net worth.
A Morgan Stanley official explained, “It is in response to customer demand to increase cryptocurrency exposure (risk exposure),” and said, “It is a serious move to accept Bitcoin as an asset.”
Unlike Morgan Stanley, major Wall Street investment banks such as Goldman Sachs, JP Morgan, and Bank of America (BofA) do not allow asset management clients to invest in bitcoins. BofA published a report titled ‘Bitcoin’s Dirty Little Secret’ on the same day, stating that “Bitcoin is a purely speculative asset.”
It is noted that it is not appropriate to incorporate it into the wallet, as 2.4% of all Bitcoin accounts own 95% of Bitcoin. BofA also rebutted that bitcoin advocates claim that bitcoin will play a role in hedging against inflation, saying that “stocks are more correlated with inflation than bitcoin.”
Francisco Blanche, Strategist in Charge of Products and Derivatives at BofA, said: “The claim that bitcoin should be included in the portfolio is exclusively aimed at a price increase. Even after 10 years, Bitcoin will be very volatile compared to the type. exchange rate, gold and silver products. ”Expected.
Reporter Park Sang-yong [email protected]
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