U.Today – In a breakthrough for the cryptocurrency market, Morgan Stanley has become the first major bank to agree to sell cryptocurrencies to its clients.
This significant step by one of the world’s largest wealth management firms was met with praise from many in the cryptocurrency community, including MicroStrategy CEO and co-founder Michael Saylor.
Morgan Stanley’s decision to allow bitcoin to be sold on a per-order basis marks a watershed moment in the integration of digital assets into mainstream finance, a milestone Saylor emphasizes.
In a tweet, Saylor wrote: “Morgan Stanley just became the first major bank to approve the sale of Bitcoin to its customers.”
Under Saylor’s leadership, MicroStrategy has amassed a massive amount of Bitcoin, making it one of the largest corporate holders of the cryptocurrency. In July, MicroStrategy acquired an additional 169 BTC for $11.4 million and now holds 226,500 BTC.
Saylor, a staunch Bitcoin supporter, began buying it in 2020 as a hedge against inflation and an alternative to cash.
Morgan Stanley Announces Major Bitcoin Event
Morgan Stanley said Friday that it will soon allow its financial advisors to offer bitcoin-based ETFs to select clients, a first for any major Wall Street bank, according to CNBC.
This means that as of August 7, the firm’s approximately 15,000 financial advisors will be able to urge eligible clients to buy units of two Bitcoin exchange-traded funds, BlackRock’s (NYSE:) IShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund.
The move by Morgan Stanley, one of the world’s top asset managers, is the latest sign of mainstream finance’s embrace of Bitcoin. In January, the U.S. Securities and Exchange Commission approved applications for 11 spot Bitcoin ETFs, a remarkable milestone for the cryptocurrency industry.
