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Morgan Stanley Unit Considers Bitcoin Investment: Bloomberg
Morgan Stanley already has a nearly 11% stake in the bitcoin-laden business intelligence company MicroStrategy.
Morgan Stanley's $150 billion Counterpoint Global investment unit is considering placing a bet on bitcoin, according to a report by Bloomberg, which cited people familiar with the matter.
STORY CONTINUES BELOW
- In order to move ahead, 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. 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.
CORRECTION (Feb. 13 15:57 UTC): Corrects that the investment arm has $150 billion under management.
Zack Voell
Zack Voell is a financial writer with extensive experience in cryptocurrency research and technical writing. He has previously worked with leading cryptocurrency data and technology firms, including Messari and Blockstream. His work (and tweets) has appeared in The New York Times, Financial Times, The Independent and more. He owns bitcoin.
Kevin Reynolds
Kevin Reynolds is editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
