Bitcoin Rallies Above $58k, Stanley says BTC is an Investable Asset
The crypto lull came to a screeching halt on Mar 17 following news from Morgan Stanley that declared that a 'threshold had been reached' for Bitcoin to be an investable asset. The U.S. financial institution—and one of the largest brokers in the world managing over $4 trillion of assets, said BTC helps diversify a portfolio. Meanwhile, Meitu, a Hong Kong-listed software developer in China, bought $50 million of BTC and ETH adding to their $40 million investment.
The Bitcoin price is back to around 2021 highs, inching higher following endorsement from the world's leading financial institutions. Meitu continues to accumulate, buying more BTC, adding $50 million, a massive boost for the coin struggling to find direction in the first half of the week. Earlier, the China-based firm said BTC can act as a hedge against inflation. It is a line of thought held by a range of other public firms sizing up cryptocurrencies.
Impact on BTC Price:
Bullish. Investment from public firms legitimizes BTC as an asset that can shield against inflation, preserving value. Morgan Stanley will provide access for high-end clients to BTC exposure. Already, it is a major shareholder in MicroStrategy, even participating in helping raise $200 million for NYDIG.
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