Morgan Stanley Increases Its Exposure To Bitcoin And Buys Over 58,000 GBTC Shares
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Answer Morgan Stanley Increases Its Exposure To Bitcoin And Buys Over 58,000 GBTC Shares
Morgan Stanley continues to increase its exposure to Bitcoin.
In August 2021, Morgan Stanley’s Insight Fund held 928,051 shares of the Grayscale Trust.
in file done presenting it A recent filing with the US Securities and Exchange Commission (SEC) shows that Morgan Stanley has purchased an additional 58,116 shares of GBTC as of July 31.
The data shows that at the time, the stock was worth about $34.5 per share, which means the company is fairly in a break-even position according to its most recent investment.
It is also worth noting that this comes shortly after Dennis Lynch, President of Counterpoint Global and CEO of Morgan Stanley, said that Bitcoin is anti-fragile.Read:How many bitcoin millionaires are there at the moment?
This high-ranking official believes that Bitcoin can withstand market turmoil and thrive more when other assets fail.
He even compared Bitcoin to a famous TV character from the famous show “South Park”, where he stated what it means:
I would say Bitcoin is a bit like Kenny from South Park, you know, the guy dies in every episode and comes back again.
This is due to the many opponents of Bitcoin who appear with their exciting statements with each drop of Bitcoin, stating that Bitcoin is just a bubble and that it will die soon, but the Bitcoin bounces up every time and makes new records.Read:Unconfirmed news about Coinbase’s initial public offering (IPO)
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