Morgan Stanley Shatters Bitcoin Barrier - Greenlights Crypto Investments for Clients
Wall Street's crypto winter officially thaws as banking giant removes longstanding digital asset prohibition.
The Institutional Floodgates Open
Morgan Stanley just ripped up the rulebook that kept Bitcoin and cryptocurrencies off-limits for its wealthy clientele. After years of watching from the sidelines, one of America's most conservative financial institutions finally acknowledges what crypto natives knew all along - digital assets aren't going anywhere.
Strategic Allocation Meets Digital Gold
The move signals a fundamental shift in how traditional finance views blockchain-based investments. No longer speculative toys for tech bros, cryptocurrencies now represent legitimate portfolio diversification tools - even for the most risk-averse institutional players.
Of course, Wall Street always manages to arrive fashionably late to the party - just in time to charge admission fees.
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Futures on the Nasdaq 100, the S&P 500, and the Dow Jones Industrial Average (DJIA) were up 0.16%, 0.15%, and 0.16%, respectively, at 8:20 a.m. EST on October 10.
During Thursday’s regular trading session, the S&P 500 and the Nasdaq Composite fell 0.28% and 0.08%, respectively, while the Dow Jones declined 0.52%.
Coming to trending stocks, Levi Strauss (LEVI) stock was down more than 7% in Friday’s pre-market trading despite reporting better-than-expected Q3 results and raising its full-year guidance. Qualcomm (QCOM) stock was down 1.3% as of writing in reaction to the news that China is opening an antitrust probe into the chip giant. Also, shares of natural gas transportation company Venture Global (VG) plunged over 19% in pre-market trading after losing an arbitration case to energy giant BP (BP).
Meanwhile, Elastic (ESTC) stock rallied about 13% after the AI-powered search company upgraded its revenue guidance and announced a $500 million share repurchase plan.
