Bitcoin has been tagged an asset class by Morgan Stanley’s report, and this news is a good one for crypto enthusiasts. Expert Max Keiser also says his $28,000 prediction holds a chance and the increasing interest of Wall Street in crypto introduce a new ATH.
Bitcoin (BTC) Price Today – BTC / USD
More exposure for cryptos, bitcoin
This report by Morgan Stanley has created lots of positive sentiments in the industry. It stated that BTC and other cryptocurrencies are the new asset class.
Over a six-month period, the banking giant carried out research on BTC and revealed that it had morphed rapidly. It has also evolved into a payment system as well as a new investment asset class.
Also, investment by giants such as Fidelity is an indication of credibility going by the report. It also noted the absence of regulated custodian solutions, regulatory uncertainty and large financial institutions are the reasons preventing investors from coming into the cryptocurrency space.
This report shows that more than $7.11 billion worth of cryptocurrencies are managed by various hedge funds currently. This is an indication of institutional adoption, which will reach maturation any time soon.
It also highlighted the correlation between USDT and Bitcoin while speaking on stablecoins. Rather than fiat currencies, more than half of BTC trading is done against other cryptocurrencies.
The report from the mainstream industry giant has raised hopes and excitement of both investors and crypto enthusiasts.
Max Kaiser responds
The inventor of Virtual Securities, Max Kaiser, who is also a partner in crypto VC fund Heisenberg Cap, responded to this news. Kaiser is bullish on bitcoin, predicting that its price will hit $28,000.
Bitcoin Price Analysis
Bitcoin is being traded at $6,476.99 at the time of this writing, and it is attempting to grow. It went up without attempting a second decline. This indicates the presence of a bullish potential.
We expect the continuation of a flat-like price movement which will range between $6,476.99 – 6,260.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.