[Bitcoin Now] Sideways Movement at 72 Million KRW... Morgan Stanley Expands Bitcoin Investment Scale

Mike Novogratz Galaxy Digital CEO "Macroeconomic Environment Is Changing"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin is hovering around the 72 million KRW mark. The major U.S. investment bank Morgan Stanley is gradually increasing its investment in Bitcoin.

According to the domestic cryptocurrency exchange Upbit, as of 3:07 PM on the 26th, Bitcoin was recorded at 72.41 million KRW, down 1.04% from the previous day. Although it rebounded to as high as 74.13 million KRW the day before, it slightly declined to the 72 million KRW range. Later, it dropped to 72.03 million KRW at 2:17 PM on the same day but continues to hover around the 72 million KRW level.

Morgan Stanley has indirectly increased its cryptocurrency investment ratio. According to the cryptocurrency specialized media Cointelegraph on the 24th (local time), Morgan Stanley holds 6,626,281 shares of the Grayscale Bitcoin Trust (GBTC) managed by the U.S. asset management firm Grayscale through three funds as of the end of September. This is estimated to be about 330 million USD (approximately 393.8 billion KRW). In the case of the Morgan Stanley Insight Fund, it held 928,051 GBTC shares in the second quarter of this year but increased its holdings to 1,520,549 shares by the end of the third quarter.

Morgan Stanley has positively evaluated cryptocurrencies such as Bitcoin from the beginning. According to the U.S. economic media Market Insider on October 14, James Gorman, CEO of Morgan Stanley, said at an earnings conference, “Cryptocurrency can evolve, and if we participate together, it can develop.” Additionally, in March, Morgan Stanley invested capital in the cryptocurrency specialized investment firm New York Digital Investment Group (NYDIG). NYDIG announced that it raised 200 million USD in capital from institutional investors including Morgan Stanley, Stone Ridge, and Soros Fund.

Meanwhile, there are forecasts that Jerome Powell, who has been reappointed as Chairman of the U.S. Federal Reserve (Fed), could suppress the cryptocurrency market in the future. According to the U.S. economic media CNBC on the 24th, Mike Novogratz, CEO of the cryptocurrency specialized investment firm Galaxy Digital, said, “The inflation situation in the U.S. is severe, and Chairman Powell will act like a central banker,” adding, “The macroeconomic environment is changing, and people are forecasting a bearish trend for cryptocurrencies.” This implies that Chairman Powell may pursue a hawkish policy going forward. Hawkish refers to a tightening stance, such as raising the benchmark interest rate when there are signs of economic overheating.

This content was produced with the assistance of AI translation services.