According to reports on social media, Morgan Stanley is working with UBS to become the United States’ first major bank to offer Bitcoin ETFs as a standard product to their entire clientele.
Morgan Stanley and UBS, with assets managed of $1.26 trillion each and $1.1 trillion respectively are the two largest wealth managers in the world. The two are competing to approve Bitcoin ETF trading in their platforms, at an important moment for institutional Bitcoin acceptance.
The reports come from Bitcoin insider Andrew on X and Bloomberg analyst Eric Balchunas.
AndrewMorgan Stanley is likely to announce their Bitcoin ETF listing, said an influential Bitcoin blogger. “days before” UBS. He stated that global banks are urgently discussing the addition of these products.
A few notes on the UPDATE @MorganStanley Execs today AM; Salty about @UBS Post yesterday Post yesterday. #Bitcoin ETF's.
– @MorganStanley It is possible to make an announcement a few weeks before. @UBS.
It’s interesting to see that the global banks have been talking about $BTC ETF's…— Andrew (@AP_Abacus) April 3, 2024
Balchunas’ initial skepticism was understandable agreed The firms that are involved in the game of a “compliance game of chicken” Bitcoin ETFs are approved.
This would be a significant milestone in Bitcoin mainstream acceptance. Morgan Stanley adding BTC ETF would be an astonishing U-turn. CEO James Gorman had said that Bitcoin wasn’t a popular asset for institutions last year.
According to strict reviews of compliance, access could be imminent. Even if the green light is given, it would represent an important moment in Bitcoin’s history.
ETFs offered by large wealth managers could signal a greater confidence in Bitcoin’s long-term viability and attract millions of new investors. A leader in Bitcoin ETFs may attract millions of new clients. These moves are also a sign of growing confidence amongst the banking elite in Bitcoin.
Bitcoin’s promises are validated by the accelerating race among giants such as Morgan Stanley and UBS. It is likely that other wealth managers will quickly follow them.
Bitcoins’ march to the mainstream is accelerating as game theory becomes more popular financial System gains an irresistible momentum. The adoption of significant banks may be nearer than most people think.
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Source: bitcoinmagazine.com