- Morgan Stanley impressed with the bitcoin movement
- Has plan to dive into Bitcoin investment
- The digital gold with other crypto assets have gained mainstream acceptance
- Virtual currencies seem to be at the hallmarks of new investment highs
- The investment group relies on concentrated investments
Bitcoin and some altcoins have performed amazingly in recent months, but are primarily considered as volatile assets. The acceleration in prices has attracted more customers’ interest, making the crypto market impossible to ignore.
Counterpoint Global, the $150B Morgan Stanley Investment Management, has plans to dive into the cryptocurrency world. It is known that Morgan Stanley arm has scored mutual fund wins, hence observing whether digital assets would be a practical choice for its investment.
Bitcoin and altcoins have gained mainstream acceptance
Bitcoin and several other altcoins like Ethereum and Litecoin have gained acceptance into mainstream firms. Indeed, this became possible with acceptance by Mastercard and Bank of New York Mellon. On the other side, Tesla got behind the flagship cryptocurrency with a $1.5 billion investment and plans to take the crypto token and crypto coins as payment. Scepticism regarding the virtual currency centres on the unpredictable price fluctuation and ensuring pain mark in its payment acceptance.
However, the report could ultimately result in investment managers like Morgan Stanley opting to stay away from the leading crypto token. However, to move ahead in the cryptosphere, the group needs to acquire approval from the firm and regulators.
Cryptocurrencies are at the hallmarks of new investment
Recently, Bank of New York Mellon, said that it would advance custody virtual assets and investments services using blockchain technology. Moreover, Mastercard commented that it would start integrating crypto capability in 2021. Faithful followers have felt vindicated this year and poured billions of fiat into Bitcoin investment instruments. Recently, the Office of the Comptroller of Currency announced new guidance stating that federally chartered banks can use dollar-pegged crypto tokens for payments.
Counterpoint Global relies on concentrated investments
According to Dennis Lynch, the head of Counterpoint Global, the group observes nineteen funds, among which five saw 100% increment over last year. The firm’s mutual funds have consistently achieved the top tier of rankings in recent years. In 2020, unusually higher returns were gained by bets on firms benefiting from the pandemic like e-commerce and online streaming. Despite the size of the investment group, it is observed that the group relies on concentrated investments, as it has staked in more than two hundred firms.
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