By Hassan Mehmood (Saudi Arabia)
Morgan Stanley is now offering about 2.5% of its clientele access to Bitcoin, and other cryptocurrencies; various crypto critics, including Peter Schiff, is surprisingly happy about it. The conditions that are being imposed are far from fair as it only supports the wealthy clientele of the investment bank, and the conditions entail that a client must have at least $5 million in their bank account plus the account has to be about half a year old for qualifying this Bitcoin exposure.
But despite all that, there are further conditions that clients would have to fulfil to be able to get access to the exposure. There are two trusts owned by digital capital management, and one of them is under the supervision of NYDIG, which is the Bitcoin subsidiary of Stone Ridge. Despite all that, these can only cater about 2.5% of their net worth into the world’s first and leading cryptocurrency.
As for the new investors, they would have to put a minimum of $5 million into the trust that is being supervised by Galaxy digital and not only that, but a donation of about $25000 needs to be done into the Galaxy Bitcoin fund to be able to get their hands on the current Bitcoin exposure being offered by Morgan Stanley.
Also read:Peter Schiff’s View Point
The extreme Bitcoin critic Peter Schiff had a few thoughts of his own to chip in regarding these restrictions by Morgan Stanley, which only allows about 2.5% of the elite wealthy to be a part of this exposure while restricting a number of investors from doing so.
According to Schiff, Morgan Stanley does understand how sensitive Bitcoin as a digital asset is, and given the volatility of the crypto market, nothing could be said for sure such as if this investment would pay off investors or they would end up losing their money. According to the critic, this is a fine step as the people on the elite side of the investment chain would be given the first exposure as they have the money and principles to go about such risky investments, and if everything goes well, then the bank might allow other low tier investors to jump in.
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