A prominent wealth management firm with $40 billion in assets under management has made a strategic investment in Bitcoin through the Bitwise Bitcoin ETF (BITB), according to Bitwise CEO Hunter Horsley. This move reflects the increasing institutional interest in the cryptocurrency and comes as Bitcoin’s price begins to recover.
The decision by the $40 billion wealth manager to invest in BITB signifies a growing trend of institutional acceptance of cryptocurrencies. It also aligns with the overall recovery of the crypto market and the growing confidence among investors.
In a similar vein, Morgan Stanley has allowed its 15,000 advisors to offer Spot Bitcoin ETFs to clients with $1.5 million or more. Currently, Bitcoin is trading at $56,651.59, showing a 1.74% increase in the past day but a 14.21% decrease in the past week. These developments indicate a rising trend towards institutional interest in Bitcoin ETFs, despite recent market volatility.
The ultimate goal seems to be reaching a price of $75,000 for Bitcoin, as institutional interest continues to grow. This recent investment by the $40 billion wealth management firm further strengthens this trend.
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