Morgan Stanley, the American giant capitalist, is reportedly working towards implementing direct ownership of Bitcoin for its well-financed customers. This program is expected to start taking place in the next two to three weeks’ time. The declaration also stated that the bank is arranging weekly calls to educate its rich advisors on Bitcoin.
In the past few weeks, Morgan Stanley had announced a Bitcoin endowment for its affluent stakeholders to help them gain access to one of the best-performing assets. He is rolling out the capability to keep actual Bitcoins as cash balance within their affluence management platform.
Since Bitcoin has been increasing in value as time goes, it has become a significant asset compared to how it was initially, a theoretical asset. Bitcoin is now the growing option of the store of value among the wealth managers and the traditional bankers who initially viewed it as a minor asset. Due to the increasing adoption rate of Bitcoin, it’s likely that we will not only have SEC-approved Bitcoin ETF by the end of this year, but most of the banks would include Bitcoin in their product line.
The adoption rate increases day by day; as per yesterday, PayPal informed its US customers that it would allow them to pay in using cryptocurrency. A day before yesterday, Visa reported allowing cryptocurrency payments on their network using Ethereum and USDC network.
Bitcoin has kept on evolving from a speculative asset and becoming a formidable financial future. A year back, those who thought it would eventually subside are now great Bitcoin supporters. Its top growing cryptocurrency price has made it the ever-increasing choice of organizations as an inflation cover.
The value of Gold and the US Dollar keeps on diminishing, giving Bitcoin more platform to eventually become a dynamic asset that would offer a store of value for Hodlers. Simultaneously, customers who want to use it for daily expenses can do so by using PayPal and VISA.
Pessimists in the likes of Morgan Stanley and Goldman Sach are currently looking for more ways to add Bitcoin products to their offering.