Wow! Morgan Stanley Says Bitcoin is an Institutional Asset Class!

[wry]

I could not believe this when I first saw it, but Wall Street bank Morgan Stanley in an update to their report on crypto announced Bitcoin was an institutional asset class and probably had been for about a year now!   Given how much I've endured hearing about how Bitcoin was a ponzi, scam, and only useful as a method to help people launder money, I was flabbergasted and happy with this report.  It would have helped a lot if they had figured this out last year!

It says three more things are needed for institutions to get behind bitcoin in a big way:  regulatory uncertainty, a lack of regulated custodian solutions and a current lack of large financial institutions in the space.  That first one is slowly improving, and the rise of more crypto to crypto only exchanges is I think helping.  The second one got a big assist when Fidelity announced they would start to offer custodial services and obviously that will then enable the third one.

I have not been this excited about Bitcoin in quite some time!

The summary news story is here:  https://www.coindesk.com/morgan-stanley-says-crypto-is-a-new-institutional-asset-class/

The actual report is here:  https://ny.matrix.ms.com/eqr/article/webapp/rf/renditionpdf/PublishedContent3/2018/10/31/Documents/Crypto.PDF

[Xylber]

They want goverments to start to collect taxes, that is why they consider it  a "new institutional investment class,"

[wry]

As an investment bank in the USA Morgan Stanley would not care a bit about the government collecting taxes on Bitcoin transactions.  That is what makes me so excited about this news.  Morgan Stanley exists to make money getting people to trade and invest in things, Bitcoin is now clearly on their list of things that in due time will be something they should be able to help others invest in.  This is, in my view, a very very good thing for Bitcoin!

It's been almost a day since I posted this and I'm still stoked about it!