Amy Oldenburg said Bitcoin could reach $1 million over time, but only through gradual institutional adoption or amid a major shock to traditional markets.
Morgan Stanley Head of Digital Asset Strategy Amy Oldenburg said Bitcoin could eventually reach $1 million, though she cautioned that such a move would likely require either a long adoption cycle or a major dislocation in traditional markets. Speaking on the Coin Stories podcast, Oldenburg said she expects Bitcoin adoption to keep expanding through 2030 via a steady institutional buildout rather than a sudden repricing, with product access, adviser education, custody infrastructure and client demand driving the market higher over time. She said Morgan Stanley’s guidance remains measured, with BTC allocations of 0% to 2% in some portfolios and 2% to 4% in more aggressive ones depending on client risk profile, while adviser adoption still lags client interest because many market participants need more education on Bitcoin’s role and on the difference between direct ownership and ETF exposure. Oldenburg also said the firm’s Bitcoin ETP, MSBT, had the best first-day ETF debut in Morgan Stanley’s history, launched with a 14 basis point management fee and custody through Coinbase and BNY, and could allow some wealth clients to borrow against ETF holdings at a 50% release rate. She added that banks’ broader use of Bitcoin remains constrained by capital treatment, regulatory obligations and balance-sheet efficiency, and warned against treating Bitcoin, Ethereum, Solana and XRP as interchangeable simply because they are grouped under the crypto label. Bitcoin was trading at $62,825 at the time of publication.