Counterpoint Global (CG), a $150 bln investment organization, is investigating whether cryptocurrency would be the right option for its investors. While CG invests primarily in established, emerging and large-cap companies, the move to bitcoin won't be a shock. Several institutional investors have already invested their portfolios in bitcoins.
The investment from CG will mean Morgan Stanley is supporting the volatile cryptocurrency. To invest in Bitcoin, CG will need regulatory and Morgan Stanley approvals.
Amid the influx of institutional money, the cryptocurrency market continued to grow. Bitcoin has caught the attention of both institutions and governments. Kenya, for example, is considering approving the use of bitcoins on a national basis. For the first time last week, the bitcoin price surpassed $48,000. Bitcoin has already grown by about 60% this year.