Here are the big Wall Street names warming to crypto


A $150 billion investment arm of Morgan Stanley is weighing up getting involved in bitcoin, according to a report, as the soaring price of the biggest cryptocurrency garners attention on Wall Street.

In another example of the rising interest, JPMorgan co-president Daniel Pinto said on Friday he’s “sure” demand for bitcoin will pick up to the extent that the Wall Street giant will “have to be involved.”

The bitcoin price touched an all-time high of almost $50,000 on Sunday, a remarkable rise from a low of $4,000 in March 2020. It was down around 1.4% to $45,157 as of 11am ET on Monday.

Tesla’s announcement that it had purchased $1.5 billion of bitcoin in January drove a push to record highs last week. Mastercard and BNY Mellon also added impetus by moving to open up access to bitcoin.

Read more: A Ruffer portfolio manager invested a portion of his $4.8 billion fund in Bitcoin. Here’s what swayed him to bet on crypto — and the 2 other ways he’s hedging against worrying speculative bubbles

Counterpoint Global, a unit of Morgan Stanley, is now exploring whether to invest in cryptocurrencies, according to Bloomberg. Morgan Stanley declined to comment.

JPMorgan’s Pinto told CNBC on Friday: “If over time an asset class develops that is going to be used by different asset managers and investors, we will have to be involved.”

“The demand isn’t there yet, but I’m sure it will be at some point.”

As Wall Street interest in bitcoin builds, here are some other institutions moving towards cryptocurrencies.

Read More: The CIO of a $700 million crypto asset manager breaks down why Elon Musk’s gradual acceptance of bitcoin means the digital currency has room to run — and shares why it’s launching an over-the-counter fund



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