A new investor note penned by Morgan Stanley’s wealth management unit, dated Wednesday, outlines a case for cryptocurrency as an emerging investable asset class.
The note’s authors, Lisa Shalett and Denny Galindo, stress that their determination is a cautious one, noting that any investment in cryptocurrencies like bitcoin is a speculative one. Still, it represents another step in an ever-shifting viewpoint of the technology in the eyes of Wall Street from outright rejection to slow embrace.
As the two authors note in the piece’s introduction:
“For speculative investment opportunities to rise to the level of an investable asset class that can play a role in diversified investment portfolios requires transformational progress on both the supply and demand sides. With cryptocurrency, we think that threshold is being reached. A firming regulatory framework, deepening liquidity, availability of products and growing investor interest—especially among institutional investors—have co
