Morgan Stanley's decision to offer Bitcoin ETFs to its wealthy clients marks a significant step towards institutional adoption of cryptocurrency in traditional finance.
Morgan Stanley has officially begun pitching shares of two exchange-traded bitcoin funds - with some 15,000 financial advisors given the green light to recommend BlackRock's IShares Bitcoin Trust and Fidelity's Wise Origin Bitcoin Fund to clients. That said, the firm will only allow clients with a net worth of at least $1.5 million, a high-risk profile, and an interest in speculative investments to take part in the ETFs, and will only be allowed in taxable brokerage accounts vs.
In January, the SEC approved applications for 11 spot bitcoin ETFs, marking the arrival of an investment vehicle for bitcoin that's far easier for normie boomers to access than figuring out how to directly own the digital asset. Meanwhile, other major banks such as Goldman, JPMorgan, Bank of America, and Wells Fargo continue to restrict their advisers from pitching bitcoin ETFs - only allowing clients access if explicitly requested.
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