U.Today – In a remarkable milestone for the cryptocurrency market, Morgan Stanley has become the first major bank to approve the requested sale to its clients.
This significant move by one of the world’s largest wealth management firms has been celebrated by many in the crypto community, including MicroStrategy Chairman and co-founder Michael Saylor.
Morgan Stanley’s decision to allow Bitcoin to be sold on demand marks a pivotal moment in the integration of digital assets into traditional finance, and Saylor highlighted this significant milestone.
In a tweet, Saylor wrote: “Morgan Stanley just became the first major bank to approve Bitcoin for solicited sale to its customers.”
Under Saylor’s leadership, MicroStrategy has accumulated a massive amount of Bitcoin, making it one of the largest corporate holders of the cryptocurrency. In July, MicroStrategy acquired an additional 169 BTC for $11.4 million and now holds 226,500 BTC.
Saylor, a staunch Bitcoin supporter, began buying it in 2020 as an inflation hedge and cash alternative.
Morgan Stanley makes a big announcement about Bitcoin
Morgan Stanley on Friday informed its financial advisors that it will soon allow them to offer Bitcoin ETFs to select clients, marking a first for major Wall Street banks, according to CNBC.
The move means the firm’s roughly 15,000 financial advisors will be able to solicit eligible clients to purchase shares of two publicly traded Bitcoin funds, reportedly BlackRock’s (NYSE:) iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund, starting August 7.
The move by Morgan Stanley, one of the world’s leading asset management firms, is the latest sign of Bitcoin adoption by traditional finance. In January, the U.S. Securities and Exchange Commission approved applications for 11 spot Bitcoin ETFs, in a notable milestone for the cryptocurrency industry.
This article was originally published on U.Today
