Morgan Stanley Offer Its Wealthy Clients Access to Bitcoin Funds

Posted on by Steven Dobson

The article below was written by Hugh Son, a banking reporter, and published on CNBC on March 17, 2021.

It is a prime example of financial institutions looking out for the rich and leaving the working man and woman out of the equation.

Because a person does not have a certain net worth does not mean they are not willing to take the risk and put their money into an asset that is volatile and can return a huge return on investment.

But when financial institutions like Morgan Stanley talks about asset managers, financial advisors, and wealth managers, they are talking about managing the assets of high-net-worth individuals.

Working men and women do not qualify to talk to asset managers, financial advisors, or wealth managers because they do not have enough money in their bank account to qualify.

It is understandable that high net worth individuals want all their assets managed by one firm, and since the rise of Bitcoin in the last year, they have been clamoring for their financial institution to accommodate their desires.

Regulations about cryptocurrencies needed to be passed or a decision from the SEC had to be made before banks and other financial institutions with a fiduciary responsibility could accommodate their clients.

As the mass adoption of cryptocurrencies picks up speed there are going to be more financial institutions offering a similar service to their high-net-worth clients.

For the working man and woman to take advantage of the wealth being generated in the cryptocurrency space, you are going to have to do it on your own!

With the amount of “Promise to Pay” companies and outright SCAMs online, you are going to be swimming in shark-infested waters with an open wound trying to find a safe place to participate.

Promise to Pay companies will promise to pay you a certain percent either daily, weekly, or monthly if you deposit your cryptocurrency in a wallet controlled by the company.

When they have collected enough cryptocurrency from the unsuspecting public, POOF, they are gone and so is your cryptocurrency.

Watch the video below for information on a company that allows you to maintain control of your cryptocurrency while following one of their Professional Traders to help you earn a passive income from cryptocurrency trading.

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Read the article below, leave a comment, and subscribe to my blog so that you can be notified when new content is added.

As always, conduct your own due diligence so that you make an educated decision instead of one based on emotions.

The article below can be found at the following website URL:

https://www.cnbc.com/2021/03/17/bitcoin-morgan-stanley-is-the-first-big-us-bank-to-offer-wealthy-clients-access-to-bitcoin-funds.html

Morgan Stanley becomes the first big U.S. bank to offer its wealthy clients access to bitcoin funds.

https://www.cnbc.com/video/2021/03/17/morgan-stanley-to-offer-some-clients-access-to-bitcoin-funds-sources.html

Published Wed, Mar 17 202111:02 AM EDTUpdated Wed, Mar 17 20218:52 PM EDT

Hugh Son@hugh_son

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Key Points

  • The investment bank told its financial advisors Wednesday in an internal memo that it is launching access to three funds that enable ownership of bitcoin, according to people with direct knowledge of the matter.
  • Two of the funds on offer are from Galaxy Digital, a crypto firm founded by Mike Novogratz, while the third is a joint effort from asset manager FS Investments and bitcoin company NYDIG.
  • Morgan Stanley is only allowing its wealthier clients access to the volatile asset: The bank considers it suitable for people with “an aggressive risk tolerance” who have at least $2 million in assets held by the firm. Investment firms need at least $5 million at the bank to qualify for the new stakes.

watch now

VIDEO02:20

Morgan Stanley to offer some clients access to bitcoin funds: Sources

Morgan Stanley is the first big U.S. bank to offer its wealth management clients access to bitcoin funds, CNBC has learned exclusively.

The investment bank, a giant in wealth management with $4 trillion in client assets, told its financial advisors Wednesday in an internal memo that it is launching access to three funds that enable ownership of bitcoin, according to people with direct knowledge of the matter.

The move, a significant step for the acceptance of bitcoin as an asset class, was made by Morgan Stanley after clients demanded exposure to the cryptocurrency, said the people, who declined to be identified sharing details about the bank’s internal communications. Bitcoin’s rally in the past year has put Wall Street firms under pressure to consider getting involved in the nascent asset class.

But, at least for now, the bank is only allowing its wealthier clients access to the volatile asset: The bank considers it suitable for people with “an aggressive risk tolerance” who have at least $2 million in assets held by the firm.

Some restrictions

Investment firms need at least $5 million at the bank to qualify for the new stakes. In either case, the accounts must be at least 6 months old.

And even for those accredited U.S. investors with brokerage accounts and enough assets to qualify, Morgan Stanley is limiting bitcoin investments to as much as 2.5% of their total net worth, said the people.

Two of the funds on offer are from Galaxy Digital, a crypto firm founded by Mike Novogratz, while the third is a joint effort from asset manager FS Investments and bitcoin company NYDIG.

The Galaxy Bitcoin Fund LP and FS NYDIG Select Fund have minimum investments of $25,000, while the Galaxy Institutional Bitcoin Fund LP has a $5 million minimum.

Clients can likely make investments as early as next month, after the bank’s financial advisors complete training courses tied to the new offerings, said the people.

Goldman Sachs, JPMorgan Chase, and Bank of America’s wealth management divisions do not currently allow their advisors to offer direct bitcoin investments.

Earlier this month, JPMorgan filed documents related to a new debt investment tied to a basket of stocks with crypto exposure like MicroStrategy, the software firm that holds bitcoin on its balance sheet, and payments firm Square.

 

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