[Morgan Stanley Insider]: Trading Bitcoin For Clients ‘Better Than Sex’
Morgan Stanley Source Says Trading Bitcoin For Clients ‘Will be Better Than Sex’
Some days ago, Bloomberg announced that Goldman Sachs was going to start offering a Bitcoin product for its clients. What we found is that a crypto media outlet for ICO's was able to contact three Morgan Stanley trade desk sources that commented on the matter.
These three sources know about virtual currencies and they did not want to provide their identities.
One of the traders said that volatility is a very important feature for an asset. He explained that traders are searching large price movements to be able to profit from them He then said that the volatility in the cryptocurrency market would be ‘better than sex’ with movements of 10% to 20% in just some hours.
“Price movements are everything for a trader. The larger the swings the better. As we execute or either the firm or institutional clients, the more volatility the better. If pushes action in large accounts and keeps emotions on edge. Even the choppy movement in the equity indexes over the past three months have been useful in that regard. But cryptos… wow, dude. The volatility in Bitcoin alone would be better than sex for us! Movements of 10%.20% over the course of 24 hours. Huge!,” commented the source.
Then, the second source said that the cryptocurrency market would provide great profit potential for investors. As the market operates 24 hours a day and 7 days a week, this would only increase profitability. He went on to add:
“Just take the idea that these things trade 24 hours a day and seven days a week. That alone would create renewed profitability on trade desks everywhere. And, of course, the volatility would make bank execs wet. That is why bean counters (lawyers) here are working overtime trying to quantify risks and policies to get us on, at a minimum, Bitcoin, and eventually Ethereum.”
The last contact contacted by the ICO Journal media publication said that if he would have the possibility to trade virtual currencies, traders would not stop asking about them. He crypto market with the dot-com bubble saying that older traders believe that cryptos are bigger and more emotionally driven. His exact words were referenced as:
“Give me all of the cryptos and watch what I could do for this place. Clients won’t stop asking about them. I’ve not seen anything like this in my career. I’ve heard, from oldheads, what it was like in 98-99 with the dot-com bubble. But even those guys say this is bigger and more emotionally driven. We’d make a sh** ton if we had access, institutionally speaking.”
According to Bloomberg, Morgan Stanley is planning to offer trading in complex derivatives that will be tied to Bitcoin. Bloomberg revealed that a source familiar with the matter informed that the bank wants to allow clients to invest in the crypto market.
There are several banks and financial institutions that are trying to offer different solutions for investors. Citigroup and Goldman Sachs are also working in order to launch crypto-related investment tools. However, none of them confirmed when they will have these products available for the general public.
We have also just caught wind that Bank of America's Merrill Lynch is also preparing to open up a bitcoin trading desk product to rival Morgan Stanley and Goldman Sachs. We will keep you updated on this later today, for now just know all of this bitcoin buzz is truly better than sex ;)