On September 6, 2024, Bitcoin's price fell by more than 3%, continuing a trend of poor performance this month.
Despite the downturn, Morgan Stanley has invested over 6% of its institutional funds into Bitcoin, translating to an impressive investment of over $84 billion. This amount is significantly higher than MicroStrategy's holdings of approximately $15 billion in Bitcoin.
In contrast, Fidelity transferred 4,000 BTC, valued at $230 million, from its wallet, raising questions about its future Bitcoin strategy.
Morgan Stanley's commitment to Bitcoin signals a strong endorsement from a major financial institution, potentially encouraging other banks to follow suit. The Swiss Cantonal Bank has already announced plans to offer trading in Bitcoin, Ethereum, and XRP.
This growing institutional interest could bolster the entire cryptocurrency market, with the potential for Bitcoin and other coins to reach new highs.