Morgan Stanley have increased their stake in MicroStrategy by almost 500% from Q3 2020, indicating a massive vote of confidence for Michael Saylor, whose business intelligence company rose to public awareness after dropping a quarter of a billion dollars on Bitcoin in August last year. Since Saylor’s investments, MicroStrategy’s share performance has generally followed the price of Bitcoin. Morgan Stanley’s latest investment could thus be the bank’s attempt to profit from BTC’s high watermarks without being a HODLer.
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Morgan Stanley buys 10% stake in MicroStrategy to up Bitcoin exposure
Morgan Stanley is the latest financial giant to have boarded the gravy train. Both Visa and MasterCard have normalised cryptocurrencies, PayPal lets US customers trade them, and despite JP Morgan CEO Jamie Dimon labelling Bitcoin a “fraud” back in 2017 and saying he would fire any JP Morgan trader caught dealing it, the bank has since gone on to create their own digital coin. A few days ago the bank even projected that Bitcoin will rise to $146,000.
