Morgan Stanley — American investment bank is planning to invest over $150 billion in Bitcoin. According to a report by Bloomberg Saturday, Counterpoint Global — a subsidiary of Morgan Stanley Investment Management is “is exploring whether the cryptocurrency would be a suitable option for its investors.” The report cited “people with knowledge of the matter”.
Counterpoint Global is a fund that specializes in investment and “whose market value can increase significantly for underlying fundamental reasons.” According to CoinTelegraph, the fund surged 72.7% on the year. Nevertheless, Counterpoint Global won’t be able to close the Bitcoin deal before approval by the regulators and the Securities and Exchange Commission (SEC).
Following the growing interest in Bitcoin, it’s no surprise that Morgan Stanley alongside its subsidiary invest heavily in the cryptocurrency. In January, Morgan Stanley had purchased a 10% stake in Microstrategy.
Morgan Stanley joined the BTC party late
However, Morgan Stanley joined the “Bitcoin heavy bets” group late. JP Morgan and Visa endorsed the largest digital token a bit earlier. Furthermore, MasterCard Inc, and BNY both announced Tuesday that they’ll be accepting Bitcoin. The news followed major investment made by Tesla (NASDAQ: TSLA) that had also invested $1.5 billion in the cryptocurrency. Elon Musk’s electric car manufacturer said it will start accepting Bitcoin as a payment soon.
Dennis Lynch, CEO of Counterpoint Global oversees about 19 funds. In 2020, five out of 9 funds that the company manages delivered 100% gains. In fact, the investment company profited heavily from the COVID-19 pandemic. According to Bloomberg, the company profited highly from investing in Amazon.com Inc, Shopify Inc, Slack Technologies Inc, Zoom Video Communications Inc and Moderna Inc.
As of this writing, Bitcoin (BTC) is trading at $46,886. The largest cryptocurrency reached an all-time high of $48,279 after MasterCard and BNY announced that they’ll accept Bitcoin.
“Bitcoin is engineered to convert your balance sheet from a liability to an asset. It’s a million times better than gold, it moves at the speed of light, more than 100 million people are using it now & approaching 1 billion users in five years, with millennials leading the way”. Michael Saylor, CEO of Microstrategy said in a tweet.