Morgan Stanley Tells Wealth Advisors They Can Pitch Bitcoin ETFs (cnbc.com) 32
Starting today, Morgan Stanley's advisors are allowed to offer bitcoin ETFs to some clients -- a first among major Wall Street banks. "Those funds are BlackRock's iShares Bitcoin Trust and Fidelity's Wise Origin Bitcoin Fund," reports CNBC. From the report: Morgan Stanley made the move in response to demand from clients and in an attempt to follow an evolving marketplace for digital assets [...].The bank is still striking a note of caution, however, in the rollout: Only clients with a net worth of at least $1.5 million, an aggressive risk tolerance and the desire to make speculative investments are suitable for bitcoin ETF solicitation, said the people. The investments are for taxable brokerage accounts, not retirement accounts, they added. The bank will monitor clients' crypto holdings to make sure they don't end up with excessive exposure to the volatile asset class, according to the sources.
The only crypto investments approved for solicited purchase at Morgan Stanley are the pair of bitcoin ETFs from BlackRock and Fidelity; private funds from Galaxy and FS NYDIG that the bank made available starting in 2021 were phased out earlier this year. Morgan Stanley is watching how the market for newly approved ether ETFs develops and hasn't committed to whether it would provide access to those, the people said.
The only crypto investments approved for solicited purchase at Morgan Stanley are the pair of bitcoin ETFs from BlackRock and Fidelity; private funds from Galaxy and FS NYDIG that the bank made available starting in 2021 were phased out earlier this year. Morgan Stanley is watching how the market for newly approved ether ETFs develops and hasn't committed to whether it would provide access to those, the people said.
About time! (Score:4, Interesting)
Going out on a limb, 60 percent of the entire world's GDP will vaporize at some point.
Re: (Score:2, Redundant)
I'm betting on climate change inducing regional wars that flare up into something big enough we stop caring about GDP for a few years.
Bitcoin's a joke outside of money laundering, fraud, theft, embezzlement, blackmail, extortion, and gambling.
Re: (Score:2)
Bitcoin's a joke outside of money laundering, fraud, theft, embezzlement, blackmail, extortion, and gambling.
Well, apart from money laundering, fraud, theft, embezzlement, blackmail, extortion, and gambling, what has Bitcoin ever done for us?
Re:About time! (Score:4, Interesting)
If you could get rid of all the criminals, cultists, and get-rich-quickers....
Bitcoin was an interesting mathematical experiment and it is probably responsible for more rapid video card development. I'm pretty sure that's not worth the ecological cost of all the power generated to run pointless equations, but it's something.
Re: (Score:2)
If you could get rid of all the criminals, cultists, and get-rich-quickers....
Bitcoin was an interesting mathematical experiment and it is probably responsible for more rapid video card development. I'm pretty sure that's not worth the ecological cost of all the power generated to run pointless equations, but it's something.
*whoosh*
Re: (Score:2)
I'm well aware of what you were referencing, but I found the question interesting regardless.
Re: (Score:2)
A decent financial advisor charges 1%, and in the current economy you can expect around 5% on 1m invested. Which is what, 10k/year? By the time they have a dozen clients in that range (and the minimums here are 500k, so it might be twice that many), they're making decent coin... and a lot faster than they would get that kind of annual income by starting with a small amount and investing it for themselves.
Just don't go to the 'financial advisor' at your local major bank's branch. Typically, they're advisi
Re: (Score:2)
Bitcoin's a joke outside of money laundering, fraud, theft, embezzlement, blackmail, extortion, and gambling.
Why do you think they're so desperate to start pushing it.
Re: (Score:1)
Bitcoin is holding up pretty well even after all the people say it is going to tank. With all the economic turmoil, and a Presidential candidate stating that they will bet the US's future on BTC, combined with states that value liberty like Texas adding to the power grid to allow for Bitcoin mining shops, BTC isn't going anywhere except over $100,000. Still a lot of people driving Lambos due to Bitcoin even with all the people whining about it.
To boot, unlike the stock market, BTC has actual intrinsic val
Re: (Score:2)
Re: (Score:2)
I'm not sure crypto has that much sway really. Interestingly the meltdown on monday was attributed to BOJ raising rates and catching the people using yen for free and now having to pay some for it (carry trade). I'm a small time investor and stuff like that just amazes me. A reminder I'm not even a small fish in the stock pool. Not even a minnow. More like a piece of plankton that is swept with even a small current.
I like the plankton reference! For myself, I seldom get directly involved in stocks - I'll have others to it for me. I have three different groups running my money, with the investments tailored to my preferences. Meet with them once a year give them percentages I want in indexed funds, and conservative investments. Some precious metals that are self held. The days of speculation and high risk are in the past for me as it should be after building the nest egg.
Risk tolerance is a personal preference, but
Re: (Score:2)
First thing I read was EFT (Score:2)
Then it was, hang on, there's a typo further down. Then no it's ETF in all cases ... What the frig is an ETF?
Re: (Score:1)
Extra Terrestrial Fartknockers.
Re: (Score:3)
An exchange traded fund.
It's pretty great investment instrument.
It's a mutual fund, but sold as shares on an exchange so you can more easily but and sell it without as many fees or minimum transactions.
Re: (Score:2)
You place your trust in whoever or whatever manages the fund.
Re: (Score:2)
Yep.
On the plus side, I can get a whole market index without buying thousands of different stocks and constantly balancing the ratio.
Seems like a reasonable trade off.
Re: (Score:2)
Then it was, hang on, there's a typo further down. Then no it's ETF in all cases ... What the frig is an ETF?
Extremely Tired Franks. It's an alien exchange, where dudes named Frank that have led a rough life are exchanged among collectors. It's a small market, but I hear it's pretty lucrative if your name is Frank!
Great! (Score:4, Insightful)
Now we can have an even bigger financial crisis! Woo hoo!
Re: (Score:2)
I have no doubt that when the crash comes, the likes of Morgan Stanley will receive bail out money while their "clients" (read "victims") will take the full hit of the losses.
What is a bitcoin ETF (Score:2)
Re: (Score:2)
It sounds like Morgan Stanley's clients are the ones eyeing up Bitcoin, and they're just moving to fill that demand.
Storms a’ comin’ (Score:4, Insightful)
Fast forward a few months and the bottom fell out.
Glad I wont need to tap my portfolio for at least the next 15 years, cause I would bet that we’re looking at another market “correction” aka nasty vomit-inducing crash.
Re:Storms a’ comin’ (Score:5, Insightful)
Since bitcoin doesn't do anything but burn electricity by itself, bitcoin will always require new entrants to maintain value. Continually selling it to investors is a great way to keep new entrants coming.
Re: (Score:2)
The grand master plan of crypto (Score:1)
The plan for all cryptocurrencies isn't what they want to make you think it is. It's more sinister than the egalitarian image the crypto boys portray for it.
After the 2008 financial meltdown, cryptocurrencies were born out of it, declared to be the means by which people could be freed from banks/governments, and promised to avoid any such future meltdowns from happening ever again.
But the crypto boys watched closely the result of that meltdown, and formulated their plan: create a new form of currency, and
MARKET PERFORMANCE (Score:1)