Bitcoin and altcoins has been a “new institutional investment class” since 2017, U.S. multinational investment bank and financial services company Morgan Stanley claims in a new report released Oct. 31.
The document, titled "Bitcoin Decrypted: A Brief Teach-In and Implications," sees the newly-bullish Morgan Stanley weigh in on the “surprising” developments in cryptocurrency that continue to the present day.
According to its latest findings, the “surprises” to come from crypto in 2018 are a “strong” formation of new funds targeting the sector, as well as the “growth” of cryptocurrency-tied futures.
Despite the persisting bear market this year and the accompanying price drop, Morgan Stanley continues, Bitcoin and altcoins have constituted a “new institutional investment class” since 2017.
Researchers also stayed positive on decentralized technology, describing it as making the world “better.”
The document stands out in its positive nature, and marks one of the strongest signals yet that Wall Street is swiftly becoming enamoured with Bitcoin in particular. In discussing their own entry, investment giants have routinely highlighted client demand as motivating them to engage with the industry.
Last month, anonymous sources told mainstream media that the banking giant would follow in the footsteps of fellow Wall Street heavyweights such as NASDAQ and Citigroup in considering Bitcoin trading options for clients.