The demand for Bitcoin ($BTC) has skyrocketed among Wall Street giants this bull season. The majority of institutional investors watched the 2017 BTC rally from the sidelines calling it a bubble waiting to burst. However, when that didn’t happen and BTC more than tripled its ATH in 2021 even former critics of the top cryptocurrency are rushing to gain more exposure this bull season.
Morgan Stanley, one of the banking giants on Wall Street and a former Bitcoin critic has added nearly 30,000 additional shares of Grayscale Bitcoin Trust ($GBTC). The news was revealed via the company’s latest SEC filing that shows Morgan Stanley Europe Opportunity Fund had 58,116 GBTC shares valued at around $2.018 million as of July 31. An early filing from April revealed that the company held nearly 28,298 shares worth $1.03 million, bringing their recent purchase to 30K $GBTC. Morgan Stabley has increased its Bitcoin exposure by over 105% in 5 months’ time.
The additional purchase of $GBTC made Morgan Stanley the second-largest stakeholder of $GBTC shares after Cathie Wood led Ark Invest. Dennis Lynch, chief of Morgan Stanley’s asset management company recently compared Bitcoin to Kenny from the Southpark referring to the mainstream media’s biased and proclaiming it to be dead with every minor dip. He explained,
“I like to compare bitcoin to Kenny from South Park; he dies every episode and reappears,” Lynch explained. “And so… you see in the press, in the media, that bitcoin is dead, that it’s passed its prime, and it just keeps on going,”
Bitcoin Price Reclaims $42K
Bitcoin adoption and exposure in the financial world continue to rise irrespective of the market price. El Salvador adopted BTC at a time when it was down nearly 50% from its top and many other institutional giants did the same. BTC’s price is currently trading at $42,398 rising from a daily low of $40,837 and currently eyeing the $43.5000 mark. The top cryptocurrency is still consolidating under $45K and market pundits expect the consolidation phase to break with the start of the new month as September has historically proven to be bearish.
Trending Stories
- Indian Crypto Exchanges See Volumes Plummeting 80% Since July 1 Due to New Tax Rules
- Institutional Traders Are Shorting Bitcoin At Record Pace, Here’s Why
- Lido Shut Down Terra Support, Starts bLUNA And stLUNA Withdrawal
- This Whale Adds 787 More Bitcoins As Price Struggles
- After Vauld Suspends Withdrawals, These Crypto Exchanges Could Be Next
- Cardano’s Vasil Upgrade Goes Live On Testnet; When Will It Be Lauching On Mainnet?
- How Stable Is Tether? Data Shows USDT At Massive Liquidity Imbalance
- As BTC Plummets to $19,000, Elon Musk’s Tesla Reports $440 Million Impairment Losses
- British Army Regains Control Of Their Hacked Social Media Accounts Promoting Crypto Scams
- Bitcoin Miners Likely Behind Crash Below $19K, Here’s Why
- THORChain Price Analysis: Reversal Pattern Aim RUNE Price to Hit $3.4
- Sandbox Price Analysis: Cup & Handle Pattern Aims SAND to Reach $1.5
- AVAX Price Analysis: Breakout Rally Eyes $22.1 Mark; Buy Now?
- Cardano price Analysis: ADA Price Nearing Triangle Breakout Eyes $0.655
- Polygon Price Analysis: $0.45 Fallout could Plummet MATIC price by 25%
- ETH Price Analysis: Can $1000 Support Undermine Selling Momentum?
- BTC Price Analysis: Technical Indicator hints Upcoming recovery for Bitcoin
- CRV Price Analysis: Buyers Prepare To Boost CRV Prices To $1
- DOGE Price Analysis: Pullback Opportunity Eyes its Next Jump to $0.1
- Sandbox Price Analysis: Emerging Pattern May Soar SAND price by 20%
