The chief executive officer of global investment bank Morgan Stanley says that cryptocurrency, including bitcoin, is not a fad. Noting that they are not going to go away, he said: “We’re watchful of it, we’re respectful, and we’ll wait and see how the regulators handle it.”
Morgan Stanley’s CEO Says Bitcoin and Crypto Aren’t Going Away
Morgan Stanley CEO James Gorman talked about bitcoin and cryptocurrency during the bank’s third-quarter earnings call with analysts Thursday morning.
Emphasizing that crypto is not going to go away, he said:
I’ve said it publicly before, I’ll say it again. I don’t think crypto’s a fad. I don’t know what the value of bitcoin should or shouldn’t be, but these things aren’t going away.
He added: “The blockchain technology supporting it is obviously very real and powerful.”
Morgan Stanley was among the first major banks to embrace bitcoin. In March, the bank revealed that it had begun offering bitcoin funds to clients. In April, the bank added bitcoin to 12 mutual funds’ investment strategies.
The global investment bank launched a dedicated cryptocurrency research team in September, led by Sheena Shah, the firm’s crypto analyst. “The launch of dedicated crypto research is in recognition of the growing significance of cryptocurrencies and other digital assets in global markets,” the bank explained.