According to people familiar with the situation, the investment bank, a giant that manages four trillion dollars of its clients’ assets, told its financial advisers today in an internal memorandum to introduce access to 3 funds that enable bitcoin ownership.
Morgan Stanley decided on this move, a significant step in accepting bitcoin as a type of asset, after clients requested access to that cryptocurrency, said sources who requested anonymity because they gave details of the bank’s internal document.
The growth of Bitcoin last year and this year put pressure on Wall Street companies to consider doing business with that type of asset. But, at least for now, the bank only allows its wealthier clients access to that volatile asset – it sees it as appropriate only for people with “high-risk tolerance” whose companies have at least $ 2 million worth of assets.
There are also some limitations
To qualify for these new investments, investment firms must have at least $5 million in the bank. In both cases, the bill must be at least 6 months old.
Even for accredited U.S. investors with brokerage orders and enough funds to qualify for it, Morgan Stanley limits bitcoin investments to a maximum of 2.5 percent of total assets.