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Morgan Stanley has become the first major Wall Street bank to allow its financial advisors to advise on Bitcoin ETF investments. Starting August 7, Morgan Stanley’s financial advisors will be able to offer Bitcoin ETFs to eligible clients. This significant move positions Morgan Stanley as a pioneer among major Wall Street banks in the cryptocurrency space.
With nearly 1,500 advisors, Morgan Stanley can now facilitate clients in purchasing shares of BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund. This development follows the SEC’s approval of 11 spot Bitcoin ETFs in January.
“5 years ago, I was talking to a Morgan Stanley financial advisor who was laughing at me about crypto. I told him the day would come when he was selling crypto, and the only reason he wasn’t was because he didn’t have a way to get paid for it. Who’s laughing now?”
Only clients with a net worth of at least $1.5 million, an aggressive risk tolerance, and a desire to make speculative investments are suitable for Bitcoin ETF solicitation. These investments are intended for taxable brokerage accounts, not retirement accounts.
Why This Matters
This move allows financial advisors to offer Bitcoin ETFs to eligible clients, signaling broader retail Bitcoin adoption. As a result, more investors are gaining exposure to crypto, making Bitcoin more accessible to an affluent audience and boosting demand.
“15,000 of the best-compensated salespeople in the world will harvest the richest families and institutions and put them into Bitcoin. I predict a $3 trillion market cap inbound to Bitcoin in under 18 months!”
A spot crypto ETF tracks the price of a specific cryptocurrency and invests portfolio funds into that crypto. These funds are traded on public exchanges but generally track a particular crypto. Like similar funds, crypto ETFs are available on regular stock exchanges, and investors can keep them in their standard brokerage accounts. Bitcoin ETFs offer a way for investors to gain exposure to Bitcoin without directly holding the cryptocurrency.
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