Krutika Adani
Morgan Stanley has reportedly allowed its 15,000 wealth advisors to recommend Bitcoin ETFs to its high-net-worth clients.
The move's direct impact could show significant inflows into the spot and Futures Bitcoin ETFs from these high-net-worth clients.
Morgan Stanley is a heavyweight financial giant and has an equally heavy weight clientele. If the clients act on Morgan Stanley’s advisory, Bitcoin might not have to rely much on retail markets, which remain susceptive to manipulation.
Morgan Stanley has more than $6.6 trillion in AUM and an affluent clientele for its advisory business.
The move could take Bitcoin’s price significantly higher than the current levels and could even help it cross a $1 million price in the long term.