According to a new report first released on October 31st by the U.S. multinational investment bank and financial services company Morgan Stanley, it stated that Bitcoin (BTC) and altcoins are considered a “new institutional investment class” since the year 2017.
As per reports, in the document, titled “Bitcoin Decrypted: A Brief Teach-In and Implications,” the newly-bullish Morgan Stanley gives his views and opinions on the “surprising” developments in cryptocurrency that keep on sending shockwaves throughout the global market almost on a daily basis.
As per the most recently published document, the “surprises” that have been witnessed in the cryptocurrency space in 2018 are a “strong” formation of the “growth” of cryptocurrency-tied futures as well as new funds targeting the sector.
Notably, irrespective of the persisting bear market seen throughout the year along with the price drop, Morgan Stanley stays adamant about Bitcoin and altcoins managing to constitute a “new institutional investment class” since 2017.
As per reports, the decentralized technology was also seen as a positive development by Researchers, describing it as transforming the world into a “better” place.
Many media giants have described this document as one of the strongest signals yet to indicate Wall Street’s indulgence with cryptos and BTC in particular also appreciating it for its positive nature.
According to various anonymous sources, they tipped many mainstream media about the possibility of the banking giant following in the footsteps of fellow Wall Street heavyweights such as Citigroup and NASDAQ in looking at Bitcoin (BTC) as a trading alternative for clients.