MicroStrategy Boss Predicts Bitcoin Price Will Reach IDR 796 Billion in 2045

Previously, Wall Street banking giant Morgan Stanley was reported to be offering a Bitcoin (BTC) exchange-traded fund (ETF) to its wealthiest clients this week.

Quoting Coindesk, Monday (5/8/2024) a number of related sources reported that Morgan Stanley allowed more than 15,000 of its financial advisors to sell BlackRock’s IBIT shares and Fidelity’s FBTC.

The Bitcoin ETF offering is open only to Morgan Stanley clients with a minimum net worth of USD 1.5 million or around Rp. 24.1 billion.

The bank, which has $1.5 trillion in assets under management, took the step in response to client demand, CNBC reported.

Morgan Stanley held $269.9 million of Grayscale’s Bitcoin Trust (GBTC) as of March 31, 2024, a sign that the firm may plan to offer an ETF to clients at some point.

The approval of a spot bitcoin ETF in the US in January brought hopes that the investment wheel would attract the deep pockets of financial institutions to the cryptocurrency.

However, large firms like Morgan Stanley often have lengthy compliance and review processes to go through before they approve funds to offer to their clients.

Meanwhile, Morgan Stanley did not immediately respond to a request for comment on the news of its Bitcoin ETF offering to its clients.

According to data from Coinmarketcap, Monday (5/8), the crypto with the largest market capitalization, Bitcoin (BTC) fell 10.25% in 24 hours and 21.35% in a week.

Bitcoin price today is at Rp.878,018,396.99.