Morgan Stanley Says Crypto Is a New Institutional Asset Class
Summary:
In an update to “Bitcoin Decrypted: A Brief Teach-In and Implications,” the global banking giant’s research division delved into the last six months of bitcoin and highlighted certain trends it noticed.
Perhaps most notably, the report emphasized its “Rapidly morphing thesis,” which began by defining bitcoin as “Digital cash” and noting that investors had full confidence in it, to a solution for issues in the financial system, to a new payment system to ultimately a new institutional investment class.
Various issues and discoveries around the bitcoin ecosystem have caused the thesis to evolve, including the permanent ledger recording all transactions, anumber of hacks, hard forks, new technologies which are cheaper than bitcoin, market volatility and other concerns, the report explains.
Also in other news, Ron Paul:
Ex-Bitcoin Skeptic Ron Paul Says Crypto Could Prevent Recession