The price of bitcoin is expected to record a positive 6-month streak in March, despite the sharp correction after the record. The current momentum that the cryptocurrency has developed foretells that the rise will continue after March.
In this context, Morgan Stanley announced that it will offer its customers access to bitcoin funds, through the wealth management department.
The US bank said in an internal note to its financial advisers that it is starting to provide access to three Funds that allow bitcoin to be held, but are limited to 2.5% of their total net worth.
About a month ago, Bloomberg reported that Morgan Stanley’s investment arm, Counterpoint Global, which is a unit of Morgan Stanley Investment Management and has won many positions in the mutual fund ranking, is considering whether it will be good choice to add Bitcoin to its list of possible bets.
The above move of the investment giant is another example of the transformation of the Wall Street “players” for Bitcoin, from the absolute rejection to the gradual adoption. Cryptocurrency is now formally defined by Morgan Stanley as a category of investable assets that can provide portfolio diversification because of its regulatory framework, liquidity and growing investor interest.
Morgan Stanley said it would not commit to offering specific cryptocurrencies and that its wealthiest customers would need to be “educated” about their degree of exposure to bitcoin.
In the long run, the upward trend in the price of cryptocurrency is expected to continue as liquidity increases.
BTC is recovering from the big drop that brought its price to $54,000. Analysts predict the stabilisation of the price of bitcoin in the near future.
According to the forecasts, the short-term resistance in the rally will shape the price of the cryptocurrency from $64.230 to $67.850, with the most optimistic scenario wanting its price to reach $83.204.