Bitcoin (CRYPTO: BTC) could eventually reach $1 million, but its path to a new all-time high may require a major catalyst that reinforces its role as decentralized financial infrastructure, according to a Morgan Stanley (NASDAQ:MS) executive.
"We're Still Early Stage Here" Speaking on the Coin Stories podcast, Amy Oldenburg, head of digital asset strategy at Morgan Stanley, said Bitcoin's long-term adoption story remains in its early stages even as major financial institutions continue building products around the asset.
The firm recently launched its Bitcoin exchange-traded product, (NASDAQ:MSBT), which she said had the best first-day ETF debut in Morgan Stanley's history.
Morgan Stanley recommends Bitcoin allocations of 0%-2% in some portfolios and 2%-4% in more aggressive portfolios, but adoption among financial advisors remains slower than client interest, Oldenburg pointed out.
She attributed the gap primarily to education, noting that many advisers are still trying to understand where Bitcoin fits in a diversified portfolio.
