Morgan Stanley’s Global Investment Committee formally endorsed Bitcoin as a scarce, non-sovereign store of value comparable with gold, establishing a 0-4% allocation framework for client portfolios. The guidance, formalized in October 2025, recommends 0-2% Bitcoin exposure for balanced-growth portfolios and 2-4% for clients with greater risk tolerance and opportunistic mandates. The bank estimates Bitcoin represents about 2% of a $130 trillion addressable market comprising global M2 money supply and gold, and projects annualized returns of roughly 3% in a flat-adoption scenario, 6-7% under baseline population-driven adoption, and close to 10% with accelerated adoption. Morgan Stanley launched its MSBT spot Bitcoin exchange-traded product in April 2026, and it had accumulated approximately $609 million in assets under management by September 14. Amy Oldenburg discussed the digital-gold thesis and the allocation framework in a Bitcoin Magazine interview that day, alongside client education and Bitcoin’s institutional role.