Counterpoint Global, part of the financial conglomerate Morgan Stanley, is considering buying bitcoin, Bloomberg reports, citing sources.
According to them, the investment arm, which has $ 150 billion under management, must obtain permission from senior management and regulators to start working with cryptocurrency. Counterpoint analysts are now trying to decide if Bitcoin is the right investment proposition for their clients. The firm specializes in “unique companies whose market value can increase significantly.” The group manages 19 funds, of which five brought investors more than 100% in 2020.
Back in 2017, Morgan Stanley studied the possibility of creating a Bitcoin-based product using the swap model, but never launched it. It is possible that this time, too, the bank will ultimately prefer to stay on the sidelines, Bloomberg notes.
Just a few days ago, analysts at Morgan Stanley drew attention to the decline in bitcoin liquidity, caused, according to them, by investors’ reluctance to sell. This, in turn, limits the ability to use cryptocurrency as a means to carry out transactions, including when concluding transactions on exchanges, they added. At the same time, bank employees admitted that the situation could improve if bitcoin continues to spread among services such as PayPal.
Not long before that, Morgan Stanley significantly expanded its position at MicroStrategy, which has itself invested over $ 1 billion in bitcoin to date.
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