According to the sources of the CNBC server, with this step the bank is responding to the increased demand for investments in cryptocurrencies on the part of the clients themselves.
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“The rising price of bitcoin is attracting increased interest from investors, including amateur ones, who are being helped to make easy purchases through Internet and mobile applications. At the same time, there is a growing interest in other cryptocurrencies, such as ethereum and the like, ”said Martin Stránský, Director of Bitstock.com.
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Interest is also growing in the Czech Republic
Increased interest is also evident among Czech investors. In February alone, cryptocurrencies were to be sold in the Czech Republic for approximately CZK 900 million, which represents an increase in the entire virtual coin market by a record CZK 400 million.
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The biggest driver of the cryptocurrency market is bitcoin, which climbed to a record rate of $ 61,556 (CZK 1,348,440) at the end of last week.
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The carmaker Tesla has become a major player in the cryptocurrency market this year, when it purchased this cryptocurrency for $ 1.5 billion (over 32 billion crowns). According to Bloomberg, this suggests that Tesla could start accepting bitcoin as a means of payment. This accelerated price growth even more.
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“Bitcoin has shown since the arrival of coronavirus that it can behave like digital gold. In the crisis, it experienced stability and growth at the same time. Instead of small investors, bitcoin is also bought by the more experienced and informed, such as Tesla boss Elon Musk recently, “Stránský commented.
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Strict rules
Morgan Stanley clients will only be able to invest in bitcoins if they have deposited at least two million dollars (approximately 44 million CZK) with this bank. For investment firms, the limit was set at five million dollars. However, for all clients, they may invest no more than 2.5 percent of their net worth.
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Morgan Stanley is the first large bank to allow investment in bitcoins, but other banks are flirting with cryptocurrencies. Last month, for example, Bank of NY Mellon set up a special department to help clients hold and transfer digital assets.
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