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Morgan Stanley Places Bullish Bet on Bitcoin, Buoys Price

·2 min read

The bitcoin price is back above the USD 35,000 level after rising more than 5% in the past 24-hour period. The rising tide of the bitcoin price has lifted the broader cryptocurrency market, with the top 10 coins currently trading in the green. With bitcoin USD 40K within a stone’s throw, the bulls have wrestled back control from the bears — at least for now.

The BTC price has upward momentum on its side once again, fueled largely by a bet made by investment bank Morgan Stanley. In an SEC filing, the Wall Street firm revealed it has scooped up more than 28,000 shares of the Grayscale Bitcoin Trust, which is a fan favorite among institutional investors. The bullish sentiment lifted spirits among investors, who just days ago watched in fear as the bitcoin price dipped below the USD 30K level.

This is not Morgan Stanley’s first crypto rodeo, as the firm was among the first movers on Wall Street to offer its high-net-worth clients exposure to bitcoin funds in response to demand. They are not alone. According to a poll recently cited by The Wall Street Journal, 14% of financial advisors out of hundreds surveyed either use or advise clients on cryptocurrency, up from a fraction of financial professionals just a year ago.

Wall Street Catalyst

The SEC filing reveals that Morgan Stanley owns more than 28,200 shares of the Grayscale Bitcoin Trust. The firm has exposure to the trust through the Morgan Stanley Europe Opportunity Fund, which as the name suggests typically targets equity securities that are issued in the euro area. Below is a list of the fund’s top-10 holdings as of year-end 2020:

Source: <a href="https://www.marketwatch.com/investing/fund/mseex" rel="nofollow noopener" target="_blank" data-ylk="slk:MarketWatch" class="link rapid-noclick-resp">MarketWatch</a>
Source: MarketWatch

Bitcoin ‘HODLER’

In a separate development, Mircea Popescu, a bitcoin blogger who reportedly had a bitcoin portfolio worth approximately USD 1 billion, has passed away. Popescu, who according to Bitcoin Magazine editor Pete Rizzo had earned the nickname “The Father of Bitcoin Toxicity,” was in his early 40s.

According to local reports, Popescu was swept away at Playa Hermosa, Costa Rica. It is unclear whether he has made provisions for his bitcoin holdings. Rizzo in a tweetstorm shared some of Popescu’s quotes, including this one:

Source: <a href="https://twitter.com/pete_rizzo_/status/1409129142528978948" rel="nofollow noopener" target="_blank" data-ylk="slk:Twitter" class="link rapid-noclick-resp">Twitter</a>
Source: Twitter

This article was originally posted on FX Empire