According to a recent report issued by Bloomberg, Bitcoin price is in for a rollercoaster again after Morgan Stanley, a major investment banking institution, states that it is considering investing in BTC.
According to the report, Counterpoint Global, a Morgan Stanley subsidiary, is exploring whether the digital asset would be a suitable option for its investors. Counterpoint Global is an Investment Management agency that has over $150 billion in assets. If the crypto market is to make way for them, another domino will fall in the crypto’s institutional takeover, analysts suggest.
Morgan Stanley Impacts Bitcoin Price
Bitcoin price has been moving up and down adjusting to the news. A few hours prior to Morgan Stanley’s announcement, Bitcoin prices had dropped approximately 4% on Binance. The price fell from an earlier $48,000 to $46,252. However, immediately after the market-stirring news broke out, Bitcoin prices saw another rally from $46,300 to $47,300, that is 3%, within a very short span.
As per the report, there are two reasons that tell us the reason behind Morgan Stanley’s recent interest in the bitcoin sector.
Firstly, the position of Morgan Stanley in the finance or banking sector might have influenced it to make a notable position in the ever-growing crypto market. Secondly, the announcement seems to come as a part of a bigger sought out plan. This is because Morgan Stanley recently increased its position in MicroStrategy that, according to recent news has made a move into the Bitcoin market by accumulating over $3 billion worth of Bitcoins.
However, there is still time before this thought materializes because the decision is contingent on the approval of relevant regulators and parties. Morgan Stanley’s Bitcoin corporate strategy might be in place in the upcoming months but it will still take time for this major investment bank to make the shift.