{"id":117639,"date":"2021-03-19T12:44:09","date_gmt":"2021-03-19T12:44:09","guid":{"rendered":"https:\/\/precoinnews.com\/?p=117639"},"modified":"2021-03-19T12:44:09","modified_gmt":"2021-03-19T12:44:09","slug":"morgan-stanley-eyes-bitcoin-exchange-acquisition-after-crypto-rallies-1500","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/morgan-stanley-eyes-bitcoin-exchange-acquisition-after-crypto-rallies-1500\/","title":{"rendered":"Morgan Stanley Eyes Bitcoin Exchange Acquisition After Crypto Rallies 1,500%"},"content":{"rendered":"<h2>Key Bitcoin Takeaways<\/h2>\n<ul>\n<li>A South Korean media outlet reported that Morgan Stanley plans to acquire Bithumb, a local bitcoin exchange.<\/li>\n<li>The news surfaced two days after the American banking giant decided to offer three Bitcoin funds to its rich clients via its traditional investment platform.<\/li>\n<li>Bitcoin recently surged above $61,000 on higher institutional demand, up more than 1,500 percent from its March 2020 low.<\/li>\n<\/ul>\n<p>Bitcoin is not going places. Places are coming to Bitcoin.<\/p>\n<p>So it appears following a report from the South Korean media outlet Naver that revealed Morgan Stanley&rsquo;s alleged interest in acquiring a Bitcoin exchange. The exclusive coverage suggested that the American investment banking giant plans to invest 300-500 billion Korean (~$255-442 million) into Bithumb based on comments it received from one of the exchange&rsquo;s representatives.<\/p>\n<h2>$2bn Bid<\/h2>\n<p>Morgan Stanley reportedly entered discussions with Bident, an entity that holds a 10.3 percent stake in Bithumb, to acquire stakes in the cryptocurrency exchange. Bident, a KOSDAQ firm, saw its share surge 16.41 percent in a day after the prospects of its potential deal with Morgan Stanley entered the wire.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/03\/AD2_728x90.gif\" \/><\/p>\n<blockquote>\n<p>&ldquo;The reason Morgan Stanley used Bident is that it understood that Bident has the right to negotiate a preferred sale to acquire Bithumb Holdings,&rdquo; said another anonymous source familiar with the matter.<\/p>\n<\/blockquote>\n<p>Market analyst Joseph Young revealed in a separate tweet that Morgan Stanley might bid $2 billion for Bithumb, adding that the global investment giant&rsquo;s deal with South Korea&rsquo;s biggest cryptocurrency exchange confirms &ldquo;unprecedented&rdquo; explosiveness of institutional interest in the Bitcoin space.<\/p>\n<p>Wow.<\/p>\n<p>Morgan Stanley is reportedly bidding for Bithumb, South Korea&#8217;s top crypto and bitcoin exchange, for $2 billion valuation.<\/p>\n<p>Slowly, then surely.<\/p>\n<p>The explosiveness of institutional interest in this space right now is unprecedented.<\/p>\n<p>&mdash; Joseph Young (@iamjosephyoung) March 19, 2021<\/p>\n<\/p>\n<p>The comments also appeared as a CNBC report this Thursday revealed Morgan Stanley&rsquo;s interest in offering three Bitcoin funds to its wealthy clients via its traditional investment infrastructure.<\/p>\n<blockquote>\n<p>&ldquo;Two of the funds on offer are from Galaxy Digital, a crypto firm founded by Mike Novogratz, while the third is a joint effort from asset manager FS Investments and bitcoin company NYDIG,&rdquo; the exclusive news coverage noted.<\/p>\n<\/blockquote>\n<p>Many analysts wrote in the lines of Mr. Young, stating that Morgan Stanley&rsquo;s involvement in the cryptocurrency space would make Bitcoin more popular among institutional investors.<\/p>\n<blockquote>\n<p>&ldquo;Morgan Stanley&rsquo;s announcement to offer bitcoin to their clients ($5T) in April ushers in a new era,&rdquo; noted Eric Weiss, the founder\/CEO of New York-based Blockchain Investment Group. &ldquo;A tidal wave of money is about to flow into bitcoin. Every major bank will follow. Nothing will ever be the same.&rdquo;<\/p>\n<\/blockquote>\n<h2>More Bull-Fire Ahead<\/h2>\n<p>Bitcoin rose by more than 1,500 percent in the previous 12 months, hitting its highest levels above $61,000 earlier this March as investors continued to explore the cryptocurrency for its anti-inflation features. Many analysts agreed that the Federal Reserve&rsquo;s loose monetary policies and the US government&rsquo;s expansive stimulus programs provided tailwinds to the Bitcoin rally.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/03\/pV2uSk12-860x498.png\"><\/p>\n<p>Now, bulls anticipate the BTC\/USD exchange rate to reach $100,000 by this year&rsquo;s end, likely to be propelled higher by growing institutional interest. This year, Tesla revealed that it had added $1.5 billion worth of Bitcoin to its balance sheets.<\/p>\n<p>Meanwhile, MasterCard and Bank of New York Mellon announced integrating crypto-enabled features into their proprietary platforms. Payment gateway PayPal, which also offers users the option to buy cryptocurrencies through its platform, acquired a crypto-security platform Curv.<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/news\/bitcoin\/morgan-stanley-eyes-bitcoin-exchange-acquisition-after-crypto-rallies-1500\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Bitcoin Takeaways A South Korean media<\/p>\n","protected":false},"author":3,"featured_media":117638,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Morgan Stanley Eyes Bitcoin Exchange Acquisition After Crypto Rallies 1,500% - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/morgan-stanley-eyes-bitcoin-exchange-acquisition-after-crypto-rallies-1500\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Morgan Stanley Eyes Bitcoin Exchange Acquisition After Crypto Rallies 1,500% - 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