Institutional interest continues to grow in Bitcoin (BTC), the world’s very well-known digital currency, as more and more financial institutions are building exposure to the top-ranked cryptocurrency. The latest big investment firm which seems to be taking an interest in getting exposure to digital currencies is Morgan Stanley, the major United States investment banking and financial services firm.
Morgan Stanley has increased its stake in the business intelligence firm MicroStrategy by acquiring more shares of the company to get exposure to Bitcoin and other digital currencies. MicroStrategy is one of those institutions that purchased a massive amount of BTC last year and propelled the leading digital currency to record a new all-time high value.
Reportedly, MicroStrategy’s 792,627 shares now belong to Morgan Stanley. This represents approximately 10.9 percent of the total shares of the company. As per a tweet by the Twitter user Kevin Rooke, since the start of the third quarter of 2020, the bank unit has acquired around 650,000 shares in MicroStrategy. This means that they have boosted their position in the firm by more than 360 percent.
With this acquisition, Morgan Stanley is targeting exposure to the world’s largest digital currency by market capitalization Bitcoin (BTC). And it is also a great sign for the flagship cryptocurrency as it will further boost the mainstream adoption of the top digital currency.
Big industry players and major financial institutions kept on flowing into the primary cryptocurrency throughout the entire year of 2020. It would not be wrong to say that they proved as the main catalyst for Bitcoin and for the rest of the cryptocurrency market. They are the real reason behind the remarkable growth of the whole cryptocurrency market, especially Bitcoin, which surged to a new all-time high value. With the help of institutions’ growing interest in it, the first-ranked cryptocurrency is currently standing on the highest level of its bull run as the price value of Bitcoin is trading above the figure of $40,000 at the time of writing.
The latest acquisition of MicroStrategy’s shares by Morgan Stanley is evident in the fact that the institutional interest in the leading digital currency is going to grow more significantly and rapidly this year as well. If it happens, there are more chances that Bitcoin achieves the $100,000 milestone by the end of this year.