Insider: Morgan Stanley advisors can now officially recommend Bitcoin ETF

BlockBeats reports that on August 8, according to insiders cited by Cointelegraph, Morgan Stanley, the largest wealth management company in the United States, authorized its 15,000 financial advisors to start recommending Bitcoin Exchange Traded Funds (ETFs) to clients from August 7.

The person who was not publicly authorized to speak confirmed an earlier report by CNBC that the company plans to recommend Bitcoin ETFs starting from August 7. Currently, Morgan Stanley only recommends two products: BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity's Wise Origin Bitcoin Fund (FBTC).

Winning approval from Morgan Stanley is a milestone in the cryptocurrency field. Among major wealth management companies, Morgan Stanley is the largest. Its advisor network manages about $3.75 trillion in assets, including $1 trillion in self-managed client accounts.