Morgan Stanley places a bullish bet on Bitcoin and the price of buoys

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The price of bitcoin is back above the $ 35,000 level after rising more than 5% in the past 24 hours. The rising tide in the price of bitcoin has lifted the larger cryptocurrency market, with the top 10 coins currently trading in the green. With $ 40,000 bitcoin just a stone’s throw away, the bulls have regained control of the bears at least for now.

The price of BTC has another upward momentum, fueled in large part by a bet made by investment bank Morgan Stanley. In an SEC filing, the Wall Street company revealed that it has recovered more than 28,000 shares of Grayscale Bitcoin Trust, which is a favorite among institutional investors. The bullish sentiment boosted investor morale, who just days ago fearfully watched the price of bitcoin plunge below the $ 30,000 level.

This is not Morgan Stanley’s first crypto rodeo, as the company was one of the first players on Wall Street to offer its high net worth clients exposure to bitcoin funds in response to demand. They are not alone. According to a survey recently cited by the Wall Street Journal, 14% of the hundreds of financial advisers surveyed use or advise clients on cryptocurrency, compared to a fraction of financial professionals just a year ago.

Wall Street Catalyst

The SEC filing reveals that Morgan Stanley owns more than 28,200 shares of Grayscale Bitcoin Trust. The company is exposed to the trust through the Morgan Stanley Europe Opportunity Fund, which, as the name suggests, typically targets equity securities issued in the eurozone. Below is a list of the top 10 fund holdings at the end of 2020:

Bitcoin HODLER

In a separate development, Mircea Popescu, a bitcoin blogger who allegedly had a bitcoin wallet worth around $ 1 billion, has died. Popescu, who Bitcoin Magazine editor Pete Rizzo said earned the nickname The Father of Bitcoin Toxicity, was in his early forties.

According to local reports, Popescu was taken to Playa Hermosa, Costa Rica. It is not known whether he made arrangements for his bitcoin holdings. Rizzo in a tweetstorm shared some of Popescus’ quotes, including this one:

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