Investment giant Morgan Stanley is increasing its stake in MicroStrategy.
A new filing with the U.S. Securities and Exchange Commission (SEC) shows Morgan Stanley has purchased about 11% of the business intelligence, software and cloud-based services company.
MicroStrategy’s stock has soared since the company began buying massive amounts of Bitcoin.
To date, MicroStrategy has purchased approximately 70,470 Bitcoin, worth a staggering $2.6 billion at time of publishing.
Market researcher Kevin Rooke sees Morgan Stanley’s move as a convenient way for the firm to gain exposure to BTC in the traditional markets.
“Morgan Stanley just filed an SEC form declaring they now own 792,627 shares (10.9%) of MicroStrategy. They’ve increased their position by 360%, adding almost 650,000 shares since Q3 2020. Even the banks want Bitcoin.”
Last month, Morgan Stanley’s chief global strategist Ruchir Sharma said Bitcoin is rising as faith in the future of the US dollar declines.
“Bitcoin is also starting to make progress on its ambition to replace the dollar as a medium of exchange. Today, most Bitcoins are held as an investment, not used to pay bills, but that is changing…
Bitcoin’s surge may still prove to be a bubble, but even if it pops, this year’s rush to cryptocurrencies should serve as a warning to government money printers everywhere, particularly in the US. Do not assume that your traditional currencies are the only stores of value, or mediums of exchange, that people will ever trust.”
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