Morgan Stanley would thus be the first major US bank to offer asset management clients access to bitcoin funds. The bank, which has about $ 4 trillion (more than $ 3.3 trillion) in assets under management, is said to allow investments in just three funds. Two of the funds on offer are from Galaxy Digital, the crypto company founded by Mike Novogratz. The third fund is a joint initiative of asset manager FS Investments and bitcoin company NYDIG.
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The step is important for bitcoin’s acceptance as an investment. The bank would have changed tack after customers asked for this, the sources said. The boom in bitcoin’s value has increased pressure on Wall Street businesses to bet on cryptocurrencies as well.
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Only wealthy Morgan Stanley clients will have access to the funds for now. The bank considers the opening only suitable for people with “an aggressive risk tolerance” who have at least 2 million dollars (1.68 million euros) in assets under management at the bank. A limit of at least $ 5 million (€ 4.20 million) applies to investment firms to qualify for the new participations.
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also look at: EXPLAINED. What do you need to know about bitcoins?
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