Morgan Stanley, one of the largest investment banks in the world, lured "expert on Bitcoin" Credit Suisse — Swiss financial conglomerate. Such a valuable employee took the place of the head of the division of digital assets.
Investment Bank Morgan Stanley, which has total assets of 858 billion dollars and occupying the sixth place in the list of the largest U.S. banks, recently invited Andrew Saw as head of digital asset markets. He will work in Bank branches located in London and Zurich.
Before joining Morgan Stanley, Andrew Peele was the Vice President of the Credit Suisse innovation in the field of trading. Saw's profile on Linkdln stated that he worked with Bitcoin and cryptocurrencies, and also was responsible for internal presentations and client notification.
It is still unknown what exactly will be engaged Peel at his new position. However, there are assumptions that Morgan Stanley wants to enter the cryptocurrency market, which is attracting more and more interest from institutional buyers.
Moreover, as some competitors Morgan Stanley, including Goldman Sachs Group have already announced their desire to trade bitcoins. Even the investment company BlackRock, known for its skeptical attitude towards cryptocurrencies, recently announced that it can no longer ignore this category of assets.
Unlike its competitors, Morgan Stanley did not make public statements. Instead, the Bank started to help its own customers in trading futures bitcoin back in January of this year, i.e. almost immediately after they got on the Chicago exchanges CME and CBOE.
Interestingly, until recently, Morgan Stanley had a controversial attitude to cryptocurrencies. So, chief Executive officer of the Bank, James Gorman claimed that Bitcoin "is by definition speculative", noting its great potential.
However, recently research Department, Morgan Stanley has published a report which predicted the imminent decline in the value of bitcoin to zero. In addition, analysts have compared the price movements of the cryptocurrency with the dot-com bubble, which existed from 1995 to 2001.