Morgan Stanley, the American banking giant is reportedly working towards rolling out “Direct Ownership” of Bitcoin for its wealthy clients within their wealth management platform. The set feature is expected to debut in 2-3 weeks’ time. The said report also mentioned the bank is organizing weekly calls to educate its wealth advisors on Bitcoin. A couple of weeks ago, Morgan Stanley had announced Bitcoin Funds for its wealthy investors to help them gain exposure to one of the best-performing assets.
The current inside scoop about Morgan Stanley only adds to the aggressive Bitcoin adoption approach by traditional financial giants. Yesterday, PayPal announced that it would allow US customers to pay in cryptocurrency while a day before yesterday VISA announced they would allow crypto settlements on their network using USDC and Ethereum network.
Bitcoin has grown from a speculative volatile asset in the eyes of traditional bankers and wealth managers to become the growing choice of the store of value among the very same people. The adoption rate is so high that it seems by the end of this year we won’t only have an SEC-approved Bitcoin ETF, but the majority of financial service providers would add Bitcoin to their product line.
Bitcoin this bull season seems to have got many skeptics into big-time proponents, who only a year back were pretty confident that it would eventually disappear into oblivion. The top cryptocurrency’s growing price with a decentralized formidable network has made it the growing choice of institutions as an inflation hedge.
The likes of Goldman Sach and Morgan Stanley who were among the skeptics are now actively looking for ways to add more Bitcoin products to their offering. With the diminishing value of US Dollar and Gold, Bitcoin would eventually become a dynamic asset which would offer store of value for Hodlers while people who wants to spend it for daily life purchases can do so by using second-layer solutions in the form of VISA and PayPal.
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