Many people view MSCI's recent statement as just a routine financial news update, but the underlying implications are far more complex than they appear. When MSCI (Morgan Stanley Capital International) says "not ruling out" for now, it signals a shift in the global financial system's attitude toward crypto asset allocation—how significant is this signal? It could be enough to mobilize hundreds of trillions of dollars in passive investment funds worldwide.

Let's first understand MSCI's role. As a global index benchmark, its actions directly influence the flow of hundreds of trillions of passive funds—ranging from ETFs and pension funds to sovereign wealth funds—all of which follow the index. Where the index points, money flows.

The real key question is: what happens if MSCI includes listed companies holding Bitcoin and other digital assets (such as MicroStrategy) into its core indices?

First, there will be a "forced entry" of passive funds. Institutional-level funds like global pension funds and retirement funds, in order to track index performance, will be compelled to buy shares of these companies. In other words, traditional funds that were previously neutral or even unfamiliar with cryptocurrencies will be indirectly participating in crypto asset allocation. This is no longer retail investors' behavior; it’s a shift in national- and continent-level capital flows.

Second, there will be a chain reaction among listed companies. Once CEOs realize that simply accounting for crypto assets on their financial statements and gaining index recognition can attract trillions of dollars in attention and buying, incentives will emerge. It is expected that they will actively increase their crypto holdings through debt issuance, cash optimization, and other strategies. Previously, MicroStrategy was a lone pioneer; in the future, more companies may follow suit collectively.

The completion of this logical chain means that crypto assets are gradually moving from niche investments into the mainstream global asset allocation system.