Morgan Stanley already has a nearly 11% stake in the bitcoin-laden business intelligence company MicroStrategy.
Morgan Stanley (Image via TK Kurikawa / Shutterstock)
Feb 13, 2021 at 3:46 p.m. UTC Updated Feb 13, 2021 at 3:49 p.m. UTC
Morgan Stanley Unit Considers $150 Billion Bitcoin Investment: Bloomberg
Morgan Stanley’s Counterpoint Global investment unit is considering placing a $150 billion bet on bitcoin, according to a report by Bloomberg, which cited people familiar with the matter.
- In order to move ahead with an investment would need approval by the firm and regulators, Bloomberg noted.
- If true, this investment would not be Morgan Stanley's first exposure to the leading cryptocurrency. Already, it has a nearly 11% stake in the bitcoin-laden business intelligence company MicroStrategy, per CoinDesk's reporting.
- Analysts at Morgan Stanley say bitcoin has potential to strongly compete with the dollar, but acknowledge in a recent report that the more investors "hodl" bitcoin, the weaker its appeal to be used as a currency becomes.
- A spokesperson from the investment bank declined to comment.
- The investment unit manages nearly 20 funds, and Bloomberg reports five of those funds returned gains over 100% last year.