Morgan Stanley, the major American bank, has yet again raised a hand in support of the world’s largest cryptocurrency, Bitcoin. The investment banking giant has recently released research on Bitcoin and its second-layer payment solution, Lightning Network. The report says the bear market of Bitcoin is what is more important and better for spending. It also added that in the long run, the cryptocurrency, unlike the US dollar, is better at providing its holders with more purchasing power.

Alex Gladstein, the CSO of the Human Rights Foundation (HRF), described the <a href="https://twitter.com/gladstein/status/1517181573216538626">report on his Twitter account. </a> Morgan Stanley deemed Bitcoin to be a better means of payment than debit cards, in the report, Gladstein stated- “(the report) shows we are at the beginning of an era where more and more consumers may opt to pay for things using Bitcoin and cryptocurrencies over time."

It's worth noting that all of the support comes to Bitcoin, although the coin has been in a bear market for several months now. Even cryptocurrency traders are concerned that Bitcoin could soon experience another severe bear push. Despite this, Morgan Stanley is one organization that has consistently supported Bitcoin's use cases. 
<h2>Strike Integrating With the BlackHawk Good For Bitcoin?</h2>
The report is based on the integration of Strike, a fintech payment processor for the Bitcoin Lightning Network, with BlackHawk Network, the world's largest payment processor. Morgan Stanley says that the path for Bitcoin to solidify its position as a means of exchange will become more effective after this. 

The PoS powered by VISA and Mastercard, as well as Strike's equivalent, work similarly, providing users with "real-time settlement" for payment, according to the banking institution. The BTC option, on the other hand, is significantly less expensive and offers enhanced privacy. 

Morgan Stanley claims that collaborations with physical retailers are a more significant milestone in the "development of Bitcoin adoption as a medium of payment," citing the fact that <a href="https://www.researchgate.net/figure/Percentage-of-Online-versus-Offline-Retail-Sales-in-the-United-States-Figure-1-shows-the_fig1_349031117#:~:text=Context%201-,...,sales%20in%20the%20country%2C%20respectively.">over 85% of sales</a> in the United States take place in stores rather than online. 

This is not the first time the banking institution has stated something about Bitcoin. It recently claimed that Bitcoin has reached a critical juncture in its evolution as a currency. It was also the first big U.S. bank to offer its wealthy clients access to Bitcoin funds. Morgan Stanley made the move, which is a key step toward the adoption of Bitcoin as an asset class after clients wanted exposure to the cryptocurrency.

And while we are at Bitcoin’s adaptation and acceptance as a currency, the Central African Republic (CAR) has become Africa's first country to accept Bitcoin as payment. The bill was passed unanimously by the National Assembly, to help the country's economic recovery. The CAR's economy has been struggling for years, and Bitcoin may be one of the last rays of hope.
<h2>Bitcoin Continues On Red Charts </h2>
Despite all the positive news coming in, the largest cryptocurrency fell as much as 3.3% to $38,223, the lowest since March 15, and down more than 20% from its high last month. Ether, the second-largest coin, fell as much as 4.8% to $2,799, a low not seen since March 18.

According to technical analysts, price charts indicate that further falls are probable. On a weekly chart, bitcoin has fallen below its Ichimoku cloud support, with secondary support only at $27,200, according to Katie Stockton, founder, and managing partner of Fairlead Strategies.
<h2>US Banks Getting More Towards Bitcoin</h2>
And in the middle of the bear, Bitcoin again is only gaining more hands. US Banks have started to accept Bitcoin and other cryptocurrencies on a large scale. 

In February 2021, Bank of New York Mellon announced that it would hold, transfer, and issue bitcoin for asset management clients, making it one of the first major Wall Street banks to do so.

In October, U.S. Bancorp launched bitcoin custody services. The bitcoin business NYDIG is acting as the bank's sub-custodian. Institutional investment managers with private money will benefit from the services.

State Street Corp announced in March that it plans to offer bitcoin custody services in collaboration with crypto infrastructure platform Copper. co, albeit the proposal is still subject to regulatory approval.

Bitcoin Bear Market is Better for Spending: Morgan Stanley

In this article, we will learn in-depth about how the bitcoin bear market is better for spending as per Morgan Stanley firm!

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Bitcoin Bear Market is Better for Spending: Morgan Stanley

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