Amy Oldenberg, head of digital asset strategy at Morgan Stanley, stated that Bitcoin reaching $1 million is possible, though she cautioned this would likely require a prolonged adoption cycle or significant traditional market dislocation.
Speaking on Coin Stories, Oldenberg described the next phase of Bitcoin integration not as a sudden "J curve," but as a steady institutional buildout. This expansion includes enhanced product access, adviser education, and robust custody infrastructure through Morgan Stanley’s wealth management and e*Trade platforms.
While acknowledging the potential for seven-figure valuations, Oldenberg emphasized that such extreme moves must happen over time. She warned that rapid, vertical repricing often signals broader macroeconomic stress rather than organic growth. Instead, she expects continued, grinding higher toward 2030 driven by increased client demand and advisor familiarity.
Morgan Stanley currently recommends Bitcoin allocations ranging from 0% to 4% in client portfolios, depending on risk tolerance. The firm recently launched its Bitcoin ETP, MSBT, with a 14 basis point fee, featuring custody via Coinbase and BNY. Oldenberg noted this debut marked the best first-day performance in Morgan Stanley’s history.
She also clarified the distinction between direct ownership and ETF shares, noting that holding an ETF does not equate to holding actual Bitcoin. However, clients moving exposure into these products may gain access to lending facilities, with Morgan Stanley offering a 50% release rate against the position.
Oldenberg stressed that banks are not avoiding Bitcoin due to hostility, but because current capital treatment and regulatory frameworks limit balance sheet efficiency. She urged regulators to treat assets like Bitcoin, Ethereum, and Solana differently, rejecting the notion that they are interchangeable under a single "crypto" label.
At press time, Bitcoin traded at $62,825.