Tuesday, 13 November, 2018

Morgan Stanley Report: Cryptocurrency Popularity is Growing as Institutional Investment

BTC  USD Morgan Stanley Report: Cryptocurrency Popularity is Growing as Institutional Investment
Priscilla Morrison | 07 November, 2018, 12:09

Green added: “This is also underscored by the United Kingdom government Cryptoassets Taskforces final report which states that ‘the market is continuing to evolve rapidly', before adding ‘there is increasing institutional investment in this space, and many banks are starting to explore how they can interact with this growing market. It also says that since January 2016, there is a gradual increase, in the crypto investments, made in institutional crypto products. The report threw light on persisting problems faced by investors in the crypto space.

“This is evidenced by Bitcoin, the worlds first cryptocurrency turning 10, and by more and more governments, regulators, financial institutions, and retail and institutional investors, amongst others, appreciating the real and growing demand for digital, global currencies in todays ever more digitalized and globalized world.”. However, Morgan Stanley says that even though the institutional investment is on a rise, the retail participation is stagnant.

The report also delved into a popular topic as of late: stablecoins, or types of cryptocurrencies that seek to enable some form of price stability.

The cryptocurrency assets under management have increased from around $680 million in January 2017 to nearly $7 billion in recent months, shows a research by Morgan Stanley.

In order to support their thesis, Morgan Stanley's research division mentioned that an increasing number of traditional financial institutions have entered the crypto space.

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The researchers also pointed out that giant American multinational investment bank, Goldman Sachs, recently invested in crypto custody solution service, BitGo Holdings.

They went on to explain, "USDT took an increasing share of BTC trading volumes as cryptocurrency prices started falling".

"From our client conversations we find three major obstacles preventing large scale investment in the cryptocurrency space", analysts at the bank said. This occurred because many exchanges only trade crypto- crypto and not crypto- fiat. As mentioned in the report, Bitcoin is "moving increasingly towards trading vs the stable coin USD-Tether (USDT) [sic]", the report states, referring to the controversial, dollar-linked token operated by Tether. Half of all current bitcoin trading is now against another digital asset, continuing a trend which began previous year. "Also as bitcoin prices fell, so did nearly all other coins so if owners wanted to come out of bitcoin holdings, they needed to go to another asset which was closer to the valuation of the USA dollar".

Despite the emergence of many stablecoins, the bank's research department does not think that all of them will be successful.

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