Morgan Stanley, the largest wealth management firm in the United States, has licensed its 15,000 financial advisors to recommend Bitcoin exchange-traded funds to select clients.
As of August 7, advisors can now offer BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund to clients with a net worth of at least $1.5 million and a high risk tolerance.
As one expert pointed out, this decision could lead to wider adoption of Bitcoin (BTC) in the coming months.
“This is the final taboo… with Morgan Stanley giving wealth advisors the green light to allocate money to… Bitcoin “ETFs are just a matter of time before they gain momentum.” He said CNBC reporters point to the new influx of advisor money.
This move shows the growing acceptance of cryptocurrencies by major financial institutions, indicating the potential for broader integration into traditional investment portfolios.
Bitcoin ETFs
Morgan Stanley’s decision reflects growing client demand for digital assets despite ongoing skepticism from other major financial institutions like Goldman Sachs and JPMorgan, which are preemptively preventing their advisors from offering bitcoin ETFs.
While Morgan Stanley is taking a cautious approach, allowing only select clients to access these ETFs, experts believe this could pave the way for broader adoption.
The recent approval by the US Securities and Exchange Commission of 11 Bitcoin exchange-traded funds (ETFs) could mark the beginning of a new phase in integrating Bitcoin into traditional investment portfolios.