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The goal for many cryptocurrency enthusiasts is to make cryptocurrency
into a mainstream asset, and a recent report from Morgan Stanley suggests that it is heading that way. The report, which includes predictions and clarification from Max Keiser, shows that Bitcoin is considered a new asset class by the company, adding to the belief that the digital asset still holds a chance of reaching the $28,000 price level. With such a reputable company, it should be no surprise that Wall Street is taking note, and that a new ATH is coming.
Many positive statements are coming out of the new report, which notes that Bitcoin, along with cryptocurrency as a whole, is the new asset class. The report includes information that has been gathered over a six-month period, noting that the institution’s “rapidly morphing thesis” has led them to have confidence in the new payment system. In fact, the report also indicates that Bitcoin is on the way to be a new institutional investment asset class.
To support how credible Bitcoin truly is, even Fidelity is behind this concept. Much of the reason that the report credits the lack of entry by institutional investors has to do with a lack of regulatory measures, larger financial institutions, and the lack of certainty with upcoming regulatory measures. The report is keen to note that there are $7.11 billion in cryptocurrency that hedge funds are presently managing. This statistic alone is evidence of the way that institutional adoption is progressing.
With all of these promising details about the evolution of the cryptocurrency industry, it should not be surprising that investors and enthusiasts are brimming with excitement. With the Morgan Stanley report, Max Keiser decided to chime in with his bullish opinion. The inventor of Virtual Securities, Market-Making and Virtual Currencies is maintaining his prediction that Bitcoin reaching $28,000 can happen.
There are two tweets that demonstrate his optimism. Regarding the Bitcoin price, he said, “Bitcoin black hole about to swallow huge amounts of institutional money. New ATH incoming. $28,000 still in play.” A later tweet added, “Bitcoin deemed an ‘asset class’ by Wall St. This means $20 trillion in global assets under management will need to start gaining some meaningful exposure. Morgan Creek Digital’s founder and partner, Anthony Pompliano, posted his opinion on Twitter about the report,
saying,
“Morgan Stanley just officially announced that they consider crypto a new institutional asset class. Every institution has to #GetOffZero and get in the game. The virus is spreading.”
Article Produced By
Bitcoin Exchange Guide News Team
