According to BlockBeats, on August 8, Cointelegraph reported that Morgan Stanley, the largest wealth management firm in the United States, has authorized its 15,000 financial advisors to recommend Bitcoin exchange-traded funds (ETFs) to clients starting from August 7. This information was confirmed by a source who was not authorized to speak publicly, corroborating an earlier report by CNBC. The firm plans to recommend two specific products: BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity's Wise Origin Bitcoin Fund (FBTC).

Gaining recognition from Morgan Stanley is a significant milestone for the cryptocurrency sector. As the largest wealth management company, Morgan Stanley's advisor network manages approximately $3.75 trillion in assets, including $1 trillion in self-managed client accounts.