JPMorgan and Morgan Stanley are eyeing bitcoin. Here are the big Wall Street names warming to cryptocurrencies
- A JPMorgan co-president said he's sure banks will embrace bitcoin "at some point."
- An arm of Morgan Stanley is reportedly considering investing in the cryptocurrency.
- Wall Street firms including BlackRock and BNY Mellon are moving towards bitcoin.
A $150 billion investment arm of Morgan Stanley is weighing up getting involved in bitcoin, according to a report, as the soaring price of the biggest cryptocurrency garners attention on Wall Street.
In another example of the rising interest, JPMorgan co-president Daniel Pinto said on Friday he's "sure" demand for bitcoin will pick up to the extent that the Wall Street giant will "have to be involved."
The bitcoin price touched an all-time high of almost $50,000 on Sunday, a remarkable rise from a low of $4,000 in March 2020. It was down around 1.4% to $45,157 as of 11am ET on Monday.
Tesla's announcement that it had purchased $1.5 billion of bitcoin in January drove a push to record highs last week. Mastercard and BNY Mellon also added impetus by moving to open up access to bitcoin.
Counterpoint Global, a unit of Morgan Stanley, is now exploring whether to invest in cryptocurrencies, according to Bloomberg. Morgan Stanley declined to comment.
JPMorgan's Pinto told CNBC on Friday: "If over time an asset class develops that is going to be used by different asset managers and investors, we will have to be involved."
"The demand isn't there yet, but I'm sure it will be at some point."
As Wall Street interest in bitcoin builds, here are some other institutions moving towards cryptocurrencies.
Bank of New York Mellon set to jump into bitcoin world
Mastercard to support 'select cryptocurrencies'
BlackRock gives funds the green light on bitcoin
Tesla bets big on bitcoin with $1.5 billion investment
Grayscale inflows and 'whale wallets' point to heightened interest
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