• Sat. Apr 13th, 2024

Counterpoint Global Contemplating Bitcoin Investment

Phillip Seefeldt

ByPhillip Seefeldt

Feb 14, 2021

Analysts believe that the institutional adoption of cryptocurrencies like Bitcoin has been largely responsible for its success and popularity. That assertion might not be far from the truth, as Crypto investors and enthusiasts have seen Bitcoin rise massively over the past few months due to the actions of the institutional investors of the cryptocurrency.

From Jack Dorsey to Micheal Saylor to Elon Musk, the list has continued to grow; with every institutional investor comes a price jump. Counterpoint Global, a division of popular investment bank Morgan Stanley, is set to be the latest institutional investor flirting around Bitcoin. The $150 billion worth outfit is considering committing its reserves into the cryptocurrency.

Counterpoint Global will need approval from its investors and regulators

The rumors gathered on social media, as reported by Bloomberg, is that the firm is seriously considering committing its investor’s funds in the cryptocurrency. The situation is one which Counterpoint Global cannot decide on its own, as it will need several approvals from its financial regulatory bodies and partners before making such a move. Morgan Stanley, the parent company of Counterpoint Global, is likely not going to oppose the firm’s decision, as it currently has invested indirectly in Bitcoin.

Morgan Stanley currently possesses about 11% shares in Micheal Saylor’s Microstrategy, a firm that has committed about $1.5 billion in Bitcoin. Micheal Saylor has been a world-renowned admirer of Bitcoin, with many nicknaming the investment guru “Mr. Bitcoin” on social media. Saylor had described bitcoin as digital gold, as he believes that the cryptocurrency will knock out gold from the market.

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He explained that the decision to commit Microstrategy reserves was borne out of the ill-luck gold suffered last year, as Bitcoin continued to triumph. Saylor, who wanted to ensure that Microstrategy investors like Morgan Stanley make so many profits on their investments in his firm, invested their reserves in Bitcoin, a decision which had paid off for the investment guru.

Institutional investment in Bitcoin set to increase

The growing rate of institutional investment in Bitcoin is set to rise, as several institutional managers are beginning to look towards quick profits offered by the cryptocurrency. Micheal Saylor’s Microstrategy is not the only institutional investor in Bitcoin, as Eon Musk’s Tesla has also committed about $1.5 billion in investment into the cryptocurrency. However, there are also unconfirmed rumors of many institutional investors using the services of exchanges like Coinbase and Binance to purchase Bitcoin secretly.

Bitcoin had enjoyed a good spell of fortune since the beginning of last year when it traded around $7,000. Since then, the cryptocurrency continued to hit several landmarks in prices, amidst proving its worth as the most valuable cryptocurrency in the Blockchain space. According to business experts, the overall aim of the institutional investors flocking over Bitcoin is based on maximizing profits.

However, the situation is one with win for the cryptocurrency as its institutional adoption has also improved the fortunes of the cryptocurrency, which is expected to hit the $50K mark in the next few days.

Phillip Seefeldt

Phillip Seefeldt

Phillip Seefeldt is a skilled and perceptive news writer known for his comprehensive analysis and engaging writing style. With a commitment to accuracy and a deep understanding of current affairs, his articles provide readers with insightful perspectives and thought-provoking insights.

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