Morgan Stanley said in the report that its "Rapidly Morphing Thesis"  - which tracks what it believes will be crypto's most prominent usage - is now that bitcoin and other cryptos will act as a "new institutional investment class." Previous incarnations of the thesis have seen crypto as a "replacement for existing payment systems," a "store of value," and a "refuge for depreciating currency."

https://markets.businessinsider.com/currencies/news/morgan-stanley-hedge-funds-vcs-fuel-64-billion-rise-in-crypto-in-2018-2018-11-1027681675