According to a Morgan Stanley review, Bitcoin cannot be considered a currency. Its authors believe Bitcoin is a speculative asset that is highly dependent on the environment that dominates the traditional financial sector at any given time.
Some investors use Bitcoin as a hedging tool. Initially, it was created as an asset that accumulates capital. With it, users can send funds anywhere in the world without the need for intermediaries.
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However, in practice, Bitcoin is strongly linked to the banking sector, and its value is directly provided by the dollar liquidity placed in credit institutions.
Because the Fed has a tremendous impact on the price of Bitcoin, Morgan Stanley calls not to consider it a stand-alone asset, but to include it in the category of instruments for speculation.