Investment bank Morgan Stanley will offer its wealthy clients access to Bitcoin funds. This makes it the first leading bank in the US to take such a step. Morgan Stanley currently manages over $4 trillion for its clients, and its move into bitcoin (BTC) could be huge for the crypto market.
Sources closely familiar with the matter told CNBC that Morgan Stanley told its financial advisors in an internal memo yesterday to grant access to three funds and allow clients bitcoin assets.
According to Morgan Stanley, the move to offer bitcoin funds results from increasing demand from its clients. The bitcoin rally over the past year has caught the attention of Wall Street. Several wealthy investors are demanding exposure to cryptocurrency.
There would be certain restrictions regarding bitcoin funds. Morgan Stanley would only allow wealthy clients to access the funds. To qualify, an investor must have at least $2 million in assets, while the minimum requirement for investment firms is at least $5 million. In both cases, accounts must be at least six months old.