BREAKING: Morgan Stanley, one of the largest banks on the planet, just outlined the real risks behind BITCOIN, focusing in on widespread FRAUD and PRICE MANIPULATION. “Manipulative trading activity on digital asset trading platforms… largely unregulated or non-compliant.” Translation: the very markets where Bitcoin trades are openly manipulated and operating outside the rules. “The failure of one or more… strategic partnerships with institutional players.” Translation: Bitcoin’s stability hinges on a small circle of big institutions staying in sync. If one defects, the structure starts to shake. “Interruptions… closures or failures of major digital asset trading platforms.” Translation: the infrastructure underpinning the price can vanish overnight. FTX collapse, Mt. Gox collapse, Celsius bankruptcy. One of the largest banks in the world is spelling it out: This asset trades on manipulated venues, relies on fragile, failure-prone infrastructure, and depends on a handful of aligned players to keep the illusion intact. This is what we’ve been warning about for years. The cat is out of the bag.