Musk even changed some of his Tesla's reserve currency into bitcoin, and also changed his social signature into a money master. Musk made no secret of his optimism about Bitcoin. On the other hand, Wall Street has also ushered in a change of face. Financial tycoons who were not optimistic about Bitcoin earlier began to consider Bitcoin as one of the investment targets. Even some conservative financial institutions, including established insurance companies, have begun to list Bitcoin as one of their investment targets.
Therefore, it is not surprising that Morgan Stanley launched the Bitcoin fund this time. Although there is no direct purchase of funds, the management channels of Bitcoin funds have been opened to investors, which shows that at least Morgan Stanley has begun to study Bitcoin.
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The insider revealed the details of internal communication in the bank. He said that Morgan Stanley took this move after customers asked for access to Bitcoin, which was an important step in accepting Bitcoin as an asset class. The rise of Bitcoin in the past year has put pressure on Wall Street companies to consider entering this emerging asset class.
But at least so far, the bank only allows its wealthy customers to invest in this unstable asset. It believes that such assets are suitable for those who have assets of at least $2 million. Strong risk tolerance? Investors. Investment companies need at least $5 million to invest in the fund. In both cases, the account must exist for at least six months. According to people familiar with the matter, even those American qualified investors who have brokerage accounts and sufficient assets, Morgan Stanley limits bitcoin investment to 2.5% of its total net assets.