A $150 billion investing arm within banking giant Morgan Stanley is weighing whether or not to move into digital currencies.
Counterpoint Global, a unit of Morgan Stanley Investment Management known for its investment in growth stocks, is considering whether or not the asset class is suitable according to Bloomberg.
The group, led by Dennis Lynch, oversees 19 funds that were invested in just 200 companies as of November. The firm’s ostensibly simple mantra of picking unique companies whose market value can increase significantly has been working.
Several of its funds including Inception, Discovery, Growth, Insight, Advantage, and Permanence, have doubled in value in 2020.
The affirmation of the nearly century old bank would be the latest in a series of positive signs of adoption for Bitcoin. During the past week, BNY Mellon announced that they would custody bitcoin and digital assets, and MasterCard rolled out the ability for vendors to accept crypto as payment.
Bloomberg noted that Counterpoint’s review could ultimately end in a decision to not invest. Previous rallies in digital assets have seemingly attracted banking interest, only to fizzle out when prices fell.