Morgan Stanley, recently condemned for having manipulated the price of French debt, now owns 10.9% of Microstrategy. This sudden interest in this firm is linked to its heavy investments in Bitcoin (BTC) that its now famous boss Michael Saylor regularly highlights on social networks.
Banks that buy Bitcoin …
What could be more funny than seeing banks come to this? If you were waiting for a buy signal, here it is …
Morgan Stanley has just invested in bitcoin in a roundabout way. The New York investment bank bought nearly 800,000 shares of Microstrategy (+ 455% compared to the 3rd quarter) which holds more than 70,000 bitcoins.
A single player has more: Grayscale, with more than 600,000 units. Satoshi Nakamoto too, but that’s another story… Microstrategy is the first company to make bitcoin its main cash reserve. Grayscale is not a company but an investment fund invested in other cryptocurrencies like ETH, Zcash, BCH, Litecoin, Stellar Lumens, XRP etc.
In short, this Russian doll game allows the bank to take advantage of the appreciation of bitcoin via the appreciation of the action of Microstrategy, the value of which evolves in parallel with that of Bitcoin. The stock has gone from $ 150 early last year to $ 530 today.
The wave of institutions
Seeing a historic investment bank (it is part of the big four with Goldman Sachs, Merrill Lynch and JP Morgan) investing indirectly in bitcoin may seem surprising as the mistrust is palpable on the part of the banking oligarchy.
But not that much when you know that hedge funds are very interested in it. And in particular the giant funds Fidelity and BlackRock. The first, which weighs over $ 3 trillion, has launched its own bitcoin fund for its very high net worth clients.
Blackrock (6 trillion in management) recently posted a job offer to hire a blockchain specialist. Here again, it is a sign that does not deceive …
Even pension funds are getting started. MassMutual, which has been around for 169 years, recently invested $ 100 million (out of $ 567 billion) in bitcoin.
Recently, it was JP Morgan who suggested that bitcoin could reach $ 146,000. A bold prediction but one that will seem cautious to those who believe that Bitcoin is doomed to be worth at least one day as much as gold. We will then be around $ 500,000 for 1 BTC …
And for those who were wondering: Microstrategy bought most of its Bitcoins for $ 15,000. Like what, there is no time to buy!