JAKARTA - Morgan Stanley, one of the leading banks in the United States, revealed a massive investment of US$243 million (around Rp3.4 trillion) in the Grayscale Bitcoin Trust (GBTC), according to a report filed with the Securities and Exchange Commission (SEC). The move marks one of the biggest bets by traditional financial institutions on crypto assets.
For your information alone, Grayscale Bitcoin Trust (GBTC) is an investment product that allows investors to own stocks in the form of securities whose value is directly related to the price of Bitcoin. In other words, GBTC provides a way for investors to invest in Bitcoin without having to buy and store Bitcoin assets directly.
Morgan Stanley, who now owns 4,269,361 shares in GBTC, is one of the largest shareholders in Bitcoin's ETF. While the exact time of this investment has not been disclosed, this disclosure coincides with lower US inflation data than expected, showing a decline in inflation to 3.4% in April. This has sparked positive sentiment in the market, with Bitcoin soaring to 6.97% in the last 24 hours, hitting a price of 65,844.70 US Dollars.
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Quoted from CoinGape, CPI data indicates that the Federal Reserve may cut interest rates, which have historically increased the appeal of risky assets such as Bitcoin. The accumulated trend of the Bitcoin ETF spot recorded during the last week also adds to optimism in the market.
Not only Bitcoin, altcoins like Ethereum (ETH), Binance Coin (BNB), Solana (SOL), and XRP also experienced significant price increases. Shiba Inu, a popular memecoin, also experienced a spike after launching ShibaSwap at Ethereum L2, Shibarium, which is expected to increase transactions and value for SHIB.
Morgan Stanley's major investment in GBTC demonstrates a strong trust in the potential of Bitcoin and the crypto market in general. With inflation data supporting crypto markets and potential interest rate cuts by the Federal Reserve, digital currencies such as Bitcoin and other altcoins have the potential to experience price spikes.
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