Morgan Stanley’s head of digital asset strategy, Amy Oldenberg, said it’s possible for Bitcoin to reach $1 million over time, but she warned that such a big move would likely require either a long period of adoption or a major disruption in traditional markets. In a conversation with Natalie Brunell on Coin Stories, Oldenberg described the next phase of Bitcoin adoption less as a sudden “J curve” and more as a gradual buildup driven by institutions—through better product access, adviser education, custody infrastructure, and client demand. Her comments come as Morgan Stanley continues to expand its digital asset efforts through its spot ETF, wealth management services, and e*Trade platform.
Morgan Stanley Exec Sees Bitcoin Grinding Higher
Oldenberg didn’t give a specific price target, but she did talk about the possibility of Bitcoin eventually hitting seven figures. “I don’t see why we couldn’t,” she said, referring to a $1 million Bitcoin. “Given everything I’ve seen in my life, I’ll believe anything is possible.”
Still, she pushed back against the idea that such a move should happen quickly or without broader consequences. “Anything that extreme needs to happen over time,” Oldenberg said. “Because if something that extreme happens in my mind, it means there was some other extreme event that caused it.”
That distinction shaped much of her overall outlook. When asked what Bitcoin adoption might look like five or ten years from now, Oldenberg said she expects continued growth through 2030, but not necessarily a sudden price spike. “I don’t think you’re going to see some incredible J curve where we hit 2027 and it just takes off. I think it’ll be very similar to what we’ve already experienced—more people coming in, getting educated, figuring things out, and we move up gradually, grinding higher.”
Her comments reflect the tension now defining institutional Bitcoin: more access, more credibility, and more infrastructure, but still a market that hasn’t fully separated itself from risk-asset behavior. Oldenberg noted that Bitcoin still confuses some clients because it’s often pitched as a real asset or neutral reserve asset, yet it hasn’t always traded like gold during times of economic stress.
Adviser Education Remains a Bottleneck
Morgan Stanley’s own model portfolio guidance remains cautious. Oldenberg said the firm has recommended Bitcoin allocations of 0% to 2% in some portfolios and 2% to 4% in more aggressive ones, depending on the client’s risk profile. But she said adviser adoption still lags behind client interest, mainly because the products and the asset itself still require education.
The firm’s recently launched Bitcoin ETP, MSBT, had what Oldenberg described as the best first-day ETF debut in Morgan Stanley’s history. She said the product was designed to bring an institutional structure to the market, launching with a 0.14% management fee and a custody setup involving Coinbase and BNY. The goal, she said, was to push more traditional financial infrastructure into Bitcoin products rather than just copy existing offerings.
Oldenberg also highlighted the difference between owning Bitcoin directly and holding shares of a Bitcoin ETF—a point she said still needs explaining. “I love the people who tell me, ‘I have exposure to Bitcoin, so if something goes wrong, I have Bitcoin,’” she said. “I’m like, no, you don’t have Bitcoin. You have shares of a Bitcoin ETF that give you price exposure to Bitcoin.”
That distinction matters as Morgan Stanley begins offering more services around Bitcoin exposure. Oldenberg said clients who move their Bitcoin holdings into an ETP on the wealth platform may be treated as wealth clients and, depending on the size of their holdings, could potentially access loans backed by those assets.She pointed to a “release rate of 50%” on the Bitcoin ETF, meaning the firm can lend out up to half the value of the product. Banks Still Need Better Regulatory Treatment. Oldenberg said banks aren’t avoiding Bitcoin because they’re hostile to it, but because capital treatment, regulatory requirements, and balance sheet efficiency still guide how they allocate resources. For banks to hold Bitcoin directly or use it more broadly as collateral, she said the environment needs to become more supportive. She also warned that crypto assets are too often lumped together, even though they serve different purposes. Bitcoin, Ethereum, Solana, and XRP, she noted, shouldn’t be treated as interchangeable just because they fall under the same “crypto” label. At press time, BTC was trading at $62,825. Featured image created with DALL.E, chart from TradingView.com.
Frequently Asked Questions
Here is a list of FAQs based on the headline A Morgan Stanley executive says Bitcoin could reach 1 million Heres why
BeginnerLevel Questions
Q Did a Morgan Stanley executive really say Bitcoin could hit 1 million
A Yes A senior executive at Morgan Stanley has publicly stated that Bitcoin could reach 1 million per coin over the long term
Q Why would a big bank like Morgan Stanley believe that
A They see Bitcoin as a digital gold that investors buy to protect their money when governments print too much cash As more big investors buy it the price could go very high
Q Is Bitcoin actually worth 1 million right now
A No Bitcoin is trading at a much lower price The 1 million prediction is a future estimate usually based on a 5to10year timeline
Q Should I buy Bitcoin because of this prediction
A Not automatically Predictions from executives are opinions not guarantees You should only invest money you can afford to lose and do your own research
Q What does digital gold mean
A Just like gold is rare and holds value over time Bitcoin has a limited supply Some people buy it as a way to save money that isnt controlled by a government or bank
IntermediateLevel Questions
Q What is the main reason the Morgan Stanley executive gave for this prediction
A The main reason is inflation and currency devaluation They argue that central banks are printing so much money that the US dollar will lose value Bitcoin with its fixed supply will become a safe haven asset driving its price up dramatically
Q How does institutional adoption play into a 1 million Bitcoin
A The executive believes that pension funds endowments and large corporations will start putting a small percentage of their portfolios into Bitcoin If trillions of dollars flow in the limited supply would push the price to 1 million
Q Is this prediction based on Bitcoin replacing the dollar