Morgan Stanley to Take Big Bet on Bitcoin

Morgan Stanley to Take Big Bet on Bitcoin

Bitcoin is at all-time-high this morning, smashing through 49k following a week of news-driven price action.

2020 was a year defined by institutions and big names throw Bitcoin on their balance sheets, and in 2021 the mania has continued.

Bitcoin has been bolstered in recent months with endorsements from the likes of Paul Tudor Jones and Stan Druckenmiller. And the latest domino to fall may be a big one; Bloomberg reported yesterday that Morgan Stanley will likely be taking on a hefty Bitcoin position.

Morgan Stanley’s affirmation would put the clout of a century-old marquee Wall Street name behind a volatile asset class that’s still struggling to win acceptance in much of the traditional financial industry. But a four-fold jump in four months has stoked customers’ interest, making the digital asset even harder to ignore.”

All of this is following the news last week that Tesla Inc. put about $1.5 billion into Bitcoin and will begin accepting payment in Bitcoin for their vehicles.

Charting provided by Market Rebellion Crypto

The tremendous price action we have seen in the last 4 months makes the asset increasingly difficult to ignore, and it is only a matter of time until betting on Bitcoin is common practice amongst big names in finance.