Morgan Stanley is expanding access to cryptocurrency investments for his wealth management customers, CNBC reported on Wednesday in a step signaling a wider shift between traditionally cautious Wall Street institutions.
From next Wednesday, the bank will allow its financial advisers to offer crypto investments to all clients – regardless of risk tolerance or net worth – and across all account types, including pension plans, according to the report. Previously, the option was limited to clients with at least $ 1.5 million in assets, an aggressive risk state and a taxable brokerage account.
The decision marks a major expansion of Morgan Stanley’s $ 8.2 trillion wealth and investment management business and proposes a growing acceptance of crypto as a long-term asset class for mainstream investors.
The move also emphasizes that the urgent that cryptophiricles become more widely available. For example, BlackRocks Ishares Bitcoin Trust (Ibit) has emerged as Asset Manager’s most profitable ETF, with just under $ 100 billion in assets under management less than two years after launch.
Even Vanguard, one of the most crypto skeptical companies on Wall Street, is reportedly considering giving clients access to Spot Crypto ETFs, a turn that would have been hard to imagine just a year ago.
Morgan Stanley did not respond to a request for comment when he was contacted by Coindesk.
