The Final Boss

Between the major Central Banking powers of the world, the sentiment towards Bitcoin is harsh and very public.The Final BossOne by one, the old guard of financial institutions is succumbing to the power of Bitcoin and decentralized sound money. The Bitcoin bug that has been planted in the trading floors and board rooms of Wall Street, as well as the dinner tables and golf courses of the rich and poor have proliferated so much that it cannot be ignored by skeptics any further. As Citibank put it in their research piece released at the start of the month:‘… Bitcoin’s global reach and neutrality could spur it to become the currency of choice for international trade.’’‘’…leads to the conclusion that Bitcoin is at a tipping point and we could be at the start of massive transformation of cryptocurrency into the mainstream’.’With reports that Goldman Sachs had reinstated its crypto trading desk early this month to trade futures positions on behalf of their clients, last week, it was the turn of Morgan Stanley. The difference here is that not only is the story confirmed, but they will be the first US bank to market products to their client base via their monster wealth management arm of their business. Galaxy, as well as NYDIG’s fund products, will be sold by the investment bank’s advisors to wealthy clients that hold more than $2m of assets with the bank. Morgan Stanley will certainly not be the first and only US bank to properly embrace crypto. We fully expect the continuation of this shifting mindset towards crypto as other US and European banks follow Morgan Stanley’s lead. Failure to do so will be potentially very costly as clients move their capital to the institutions that do provide access to digital asset products.In a recent Fortune podcast,…