A division of multinational Morgan Stanley, one of the world’s largest financial companies, is considering investing in Bitcoin, Bloomberg reported.
to the the report CoinDesk is Morgan Stanley’s investment division called Counterpoint Global, which invests in long-term projects in the future. The company has more than $ 150 billion in assets under management.
Bloomberg noted in its report that the team needs the permission of companies and lawmakers to invest in Bitcoin.
This investment is not Morgan Stanley’s first move to Bitcoin. The company currently owns about 11% of Microstrategy. Microstrategy has invested a large portion of its assets in Bitcoin.
Analysts at Morgan Stanley believe that bitcoin has great potential to compete with the dollar, but according to a recent report showing that most investors hold bitcoin instead of spending it, it is unlikely that the asset could be used as a currency.
Morgan Stanley Investments manages nearly 20 mutual funds, five of which made more than 100 percent profit last year.