Bitcoin

Morgan Stanely, the largest wealth manager in the United States, will soon allow its 15,000 financial advisers to start recommending Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) exchange-traded funds (ETFs) to clients, according to a CNBC report.&nbsp;
Starting Aug. 7, Morgan Stanley wealth managers can begin advising eligible clients to buy shares of two BTC ETFs — BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) —&nbsp;<a href="https://www.cnbc.com/2024/08/02/morgan-stanley-wealth-advisors-bitcoin-etfs.html" target="_blank" rel="noopener nofollow">according</a> to CNBC. Other spot crypto ETFs, including the recently launched Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) ETFs, are not yet approved. 
Winning over Morgan Stanley is a historic milestone for crypto. Until now, the largest financial advisory firms, known as wirehouses, have been hesitant to embrace spot crypto ETFs. Along with Morgan Stanley, they include big names such as Bank of America, JPMorgan Chase and Wells Fargo.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/d8c086c1-5729-4d4b-b19a-8d6c69ceab48.png" alt="Morgan Stanley wealth managers to embrace BlackRock, Fidelity Bitcoin ETFs: Report " title="">
 <figcaption style="text-align: center;">
 Financial advisories like Morgan Stanley manage trillions of dollars. Source: Statista
 </figcaption>
</figure>
Despite soaring valuations, crypto has&nbsp;<a href="https://cointelegraph.com/news/crypto-adoption-financial-advisers">struggled to reach beyond its base</a>. Of the roughly $60 billion pouring into spot crypto ETFs in 2024, most has come from crypto-native retail investors and hedge funds. 
Related: <a href="https://cointelegraph.com/news/crypto-adoption-financial-advisers">Crypto ready for next phase of adoption: Winning over financial advisers</a>
Wirehouses manage trillions of dollars and set the bar high for embracing new financial products. For crypto ETFs, winning this market segment is “a game changer,” Kyle DaCruz, director of digital assets product for asset VanEck — an asset manager that sponsors crypto ETFs — told Cointelegraph.
Among wirehouses, Morgan Stanley is the largest. Its advisory network manages some $3.75 trillion, including $1 trillion in self-directed client accounts. Across all of its banking units, Morgan Stanley manages $6.2 trillion, according to financialplanning.com.
BlackRock’s IBIT and Fidelity’s FBTC are emerging as blue chips among BTC ETFs. They are seeing adoption not only among wirehouses like Morgan Stanley but also among independent financial advisers, Roxanna Islam, head of sector and industry research at VettaFi — a fund researcher — told Cointelegraph. 
Continued uptake by leading advisory platforms could spur a surge of inflows from advisers into spot BTC ETFs, Matthew Sigel, VanEck’s head of digital assets research, told Cointelegraph. 
Magazine: <a href="https://cointelegraph.com/magazine/spot-ethereum-etf-ether-price-bitcoin-patrick-scott-dynamo-defi-hall-of-flame/">Ethereum’s recent pullback could be a gift: Dynamo DeFi, X Hall of Flame</a>

Morgan Stanley wealth managers to embrace BlackRock, Fidelity Bitcoin ETFs: Report

Cointelegraph

Other articles published on Aug 2, 2024

X suspends account that let users launch memecoins from an X post

Bitcoin’s Price Drops While Aave and Mantra Show Growth Potential

CESS Launches Testnet Venus To Enhance the Future of Decentralized Storage

Crypto: Hamster Kombat Offers 60% of its Tokens to its Players!

Shiba Inu Price Gearing Up for $0.00002 Rally Amid Low Volume Downtrend

Tucker Carlson Sparks Bitcoin-CIA Conspiracy Debate

Join our free newsletter for daily crypto updates!