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$150 Billion Investment Arm of Morgan Stanley Planning to Bet on Bitcoin

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$150 Billion Investment Arm of Morgan Stanley Planning to Bet on Bitcoin

One of the world’s leading investment banks, Morgan Stanely, is planning to jump on Bitcoin’s rising global value, according to the latest report published by Bloomberg.

The report said Counterpoint Global, a $150 billion investment arm of Morgan Stanley known for its prowess in picking growth stocks, is planning to add bitcoin to its list of bets.

Citing people familiar with the matter, Bloomberg said Counterpoint Global is exploring whether investing in cryptocurrency would be a suitable option for its investors, however, investing in the crypto space would require approval from both the firm and regulators.

The report that Stanley, an almost-century-old investment bank, is considering investing in cryptocurrency would further boost Bitcoin and the entire crypto space among institutional investors as can be seen in the 24 hours Bitcoin chart.

Bitcoin gained 4.55 percent to $49,173 per coin in the last 24 hours after the news became public.

This is coming a week after Tesla announced its Bitcoin investment now worth $1.5 billion and plans to start accepting it and other cryptocurrencies as payment.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Jesse Powell Says Bitcoin Could Hit $1 Million Per Coin

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Kraken CEO Sees $1 Million Bitcoin in the Next Decade

The Chief Executive Officer and co-founder of Kraken Exchange, Jesse Powell, has made a bold Bitcoin prediction in a recent interview with Bloomberg.

Powell said Bitcoin could hit $1 million in the next decade, adding that supporters of the crypto asset are already saying it could replace all major fiat currencies.

He went on to predict a disruptive future that would stretch even the imagination of the most ardent crypto fans.

We can only speculate, but when you measure it in terms of dollars, you have to think it’s going to infinity,” he said. “The true believers will tell you that it’s going all the way to the moon, to Mars and eventually, will be the world’s currency.”

He added that his San Francisco-based Kraken is looking to go public next year.

The CEO explained that Bitcoin bulls see surpassing the combined market value of the dollar, euro and other currencies.

The dollar “is only 50 years old and it’s already showing extreme signs of weakness, and I think people will start measuring the price of things in terms of Bitcoin,” he said.

Bitcoin declined by 4.31 percent to $48,329.97 per coin amid rising yields and growing economic recovery.

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MicroStrategy Dumps Over $1 Billion on Bitcoin, Now Holds $4.78 Billion BTC

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MicroStrategy Dumps Over $1 Billion on Bitcoin, Now Holds $4.78 Billion BTC

MicroStrategy, a business intelligence firm, announced it has purchased another 19,452 Bitcoin worth $1.026 billion.

The company joined Square and other companies that bought the dip witnessed earlier this week after Elon Musk, Bill Gates and Janet Yellen commented on the fast-rising digital currency.

MicroStrategy now holds 90,531 Bitcoin worth $4.78 billion, more than Elon Musk’s Tesla acquisition of $1.5 billion.

Michael Saylor, the Chief Executive Officer (CEO), MicroStrategy continues to pursue a coin acquisition strategy now codified in the business intelligence company’s mission.

Square purchased 3,318 Bitcoin at an estimated $170 million value on Tuesday when the world’s most dominant cryptocurrency dipped to $45,000 before rebounding to the current level.

Bitcoin presently trading at $49.233.71 per coin as of the time of writing.

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Bitcoin Rebounds To $50,881 Per Coin on Wednesday

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Bitcoin Rebounds To $50,881 Per Coin on Wednesday

Following Elon Musk, Janet Yellen and Bill Gates’ comments that plunged the world’s new gold, Bitcoin, on Monday, the digital asset has rebounded from $48.321 per coin to $50,881.63 as of 10 am Nigerian time on Wednesday.

Bitcoin gained 5 percent in the last 24 hours due to the surge in transactions by investors after Square, a payments giant, announced it has added 3,318 Bitcoin valued at $170 million to its holding of the coin on Tuesday.

Investors carried out 288,011 transactions valued at $16.91 billion in the last 24 hours.

Bitcoin briefly rose to as high as $51,413.61 to pare losses and extend year-to-date returns to 72.29 percent.

The digital currency was trading at an all-time high of $58,332.36 per coin before Elon Musk, the then world’s richest man said the dominant cryptocurrency is “too high too fast”.

Also, Bill Gates, in a recent interview with Bloomberg, said he is not bullish on Bitcoin. The third richest man in the world and the founder of Microsoft said, bitcoin uses too much energy and can cause a lot of trouble for investors who may not have much money to spare like Elon Musk.

He said “Elon has tons of money and he’s very sophisticated, so I don’t worry that his Bitcoin will sort of randomly go up or down,” Gates said during the interview. “I do think people get bought into these manias, who may not have as much money to spare, so I’m not bullish on Bitcoin, and my general thought would be that, if you have less money than Elon, you should probably watch out.

Janet Yellen, the former Chair of Federal Reserve and the present Treasury Secretary of the United States has been vocal about the environmental impact of Bitcoin given the amount of power needed to mine digit tokens.

I don’t think that bitcoin is widely used as a transaction mechanism,” Yellen told the New York Times on Monday. “It’s an extremely inefficient way of conducting transactions and the amount of energy that’s consumed in processing those transactions is staggering.

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