This is what you’ve been waiting for – Wall Street is officially entering Bitcoin!
Morgan Stanley has enabled 15,000 financial advisors to recommend investments in spot bitcoin ETFs.
Yesterday, August 7, Morgan Stanley, the largest management company in the US, officially authorized its 15,000 financial advisors to start recommending investments in spot bitcoin ETFs to their clients.
Currently, Morgan Stanley Financial Advisors are only authorized to recommend BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC)
A significant event for Bitcoin
According to financialplanning.com, the Morgan Stanley advisory network manages approximately $3.75 trillion. Obtaining the support of Morgan Stanley is thus an important milestone for cryptocurrencies and especially for Bitcoin (BTC).
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Responding to Morgan Stanley’s moves, Roxanna Islam, head of industry research at VettaFi, called IBIT and FBTC blue chips among spot bitcoin ETFs.
Both products have seen significant adoption not only among management companies such as Morgan Stanley, but also among independent financial advisors.
Positive reviews
Matt Horne, head of digital assets strategy at Fidelity Investments, also commented on Morgan Stanley’s position.
“Since the launch of these spot cryptocurrency ETPs, we have seen significant demand across all client segments. It is exciting to see the potential this asset class brings to retail investors, RIAs, institutional investors and others,” said Horne
Matthew Sigel, head of digital asset research at VanEck, sees the increasing interest in spot bitcoin ETFs among advisory platforms as very positive. He argues that these moves could also spur an increase in capital inflows into the spot bitcoin ETFs themselves.
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