Morgan Stanley, the largest wealth management firm in the United States, has empowered its 15,000 financial advisors to recommend Bitcoin exchange-traded funds (ETFs) to a select group of clients.
As of August 7, these advisors can now introduce clients with a net worth of at least $1.5 million and a substantial risk tolerance to BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund.
An industry expert has suggested that this pivotal decision may lead to a broader acceptance of Bitcoin (BTC) in the near future. “This is the last taboo… with Morgan Stanley giving their wealth advisors the green light to allocate to Bitcoin ETFs, it’s just a matter of time before it gains traction,” reported CNBC, highlighting the significant shift in advisor investments.
This move reflects an increasing openness toward cryptocurrency among major financial institutions, indicating a potential for deeper integration into conventional investment strategies.
Morgan Stanley’s initiative underscores a rising client interest in digital assets, even as some other prominent firms, such as Goldman Sachs and JPMorgan, remain skeptical and limit their advisors from actively promoting Bitcoin ETFs.
While Morgan Stanley is proceeding with caution by granting access to these ETFs only to a specific clientele, experts believe this could pave the way for more widespread acceptance.
The recent approval by the SEC of 11 spot Bitcoin ETFs may signal the dawn of a new era for Bitcoin’s incorporation into traditional investment portfolios.