Bitcoin 'More Than Just a Fad,' Morgan Stanley CEO Says

Bitcoin 'More Than Just a Fad,' Morgan Stanley CEO Says”

At a Wall Street Journal-hosted event held Wednesday, September 27, 2017, CEO of Morgan Stanley James Gorman expressed an optimistic view towards cryptocurrencies.

According to Bloomberg, the Morgan Stanley executive believes that anonymous currency is an interesting concept because of the privacy protections that it gives to users. "I've talked to a lot of people who have, and it's obviously highly speculative, but it's not something that is inherently bad". Dimon, however, did emphasize he was separating the bitcoin phenomenon from the blockchain technology that underlies digital currencies.

Gorman speculated that regulators would, at some point, take actions that might limit current cryptocurrency freedoms, pointing to China's recent ICO and exchange crackdowns as evidence.

That contrasts with JPMorgan Chase CEO Jamie Dimon's remarks earlier this month that bitcoin is a "fraud" and the mania around it "won't end well".

There were smaller gains for Bitcoin Cash, while Ethereum, the second-largest cryptocurrency by market cap, also saw renewed demand.

Looking at today's market, though, it seems that Bitcoin and its peers are firmly on the road to recovery after the massive selloff that was triggered by the news of China's crackdown. "Bitcoin is a bubble". It also shows why many Wall Street professionals like Dimon don't see it as a legitimate store of value but as a speculative instrument. Former Fortress Investment Group manager Mike Novogratz this week called bitcoin "the largest bubble of our lifetimes", but said traders stand to "make a whole lot of money on the way up, and we plan on it".

According to BI, Shvetz argued that investors should consider integrating cryptocurrencies into their portfolio strategies, describing them as a hedge against the devaluation of fiat currencies like the dollar. Bitcoin, which ended 2016 at less than $1,000, and other digital currencies have been on a tear this year.

Like this


29 September 2017
Hurricane Lee remains no threat to land
The storm eventually stalled south of the New England coast and became a post tropical cyclone September 21. This is in no way undermining the significance of this hurricane season has been thus far, however.

29 September 2017
Salman Khan to become a dad soon
They will then think that my father for his own selfish reasons has kept us without a mother. "So it's all very complex". On work front, Salman Khan is now working on his upcoming movie project "Tiger Zinda Ha" opposite Katrina Kaif .

29 September 2017
Are Analysts Bearish Nokia Oyj (ADR) (NYSE:NOK) After Last Week?
Institute for Wealth Management LLC. acquired a new position in Nokia Corporation in the second quarter valued at about $116,000. ILLEGAL ACTIVITY NOTICE: This piece of content was first reported by Week Herald and is owned by of Week Herald.

29 September 2017
Hugh Hefner Made Plans to be Buried Next to Marilyn Monroe
The Playboy founder will be buried next to the woman who helped him launch his magazine empire: Marilyn Monroe . Hefner pulled together $8,000 to introduce the magazine with Monroe on the cover, People stated .

29 September 2017
ShearLink Capital LLC Boosts Stake in Sherwin-Williams Company (The) (NYSE:SHW)
Finally, Parallel Advisors LLC raised its position in shares of Sherwin-Williams Company (The) by 2.6% in the 1st quarter. It has underperformed by 1.43% the S&P500.The move comes after 5 months positive chart setup for the $33.26B company.

29 September 2017
Presidents Cup 2017: Justin Thomas, Rickie Fowler help U.S. claim early advantage
It marked the first time that three USA presidents have attended the biennial match play showdown launched in 1994. It was another solid showing for Oosthuizen and Grace, who won all four of their matches together two years ago.

29 September 2017
Health Insurance Innovations, I (NASDAQ:HIIQ) Sees Volatile Trading - Down $0.35
ValuEngine raised Health Insurance Innovations from a hold rating to a buy rating in a research report on Friday, September 1st. Cantor Fitzgerald maintained Health Insurance Innovations Inc (NASDAQ:HIIQ) on Monday, September 11 with "Buy" rating.

29 September 2017
Digging Up the Facts on Acacia Research Corporation (ACTG)
As of the end of the quarter Squarepoint Ops LLC had disposed of a total of 14,431 shares trimming its stake by 50.9%. The stock of Acacia Research Corp (NASDAQ:ACTG) has "Outperform" rating given on Monday, May 23 by Northland Capital.

29 September 2017
Nissan Intelligent Choice pre-owned auto business launched
Nissan Intelligent Choice will also be offering finance and insurance schemes to its customers, through Nissan Finance. Apart from selling used cars, it will also have exchange offers for customers to own a new Nissan and Datsun vehicle .

29 September 2017
Trump sends 'comfort' ship to Puerto Rico days after Hillary's plea
Maria Cantwell and Patty Murray, D-Wash., joined 35 senators in asking President Donald Trump for strong and decisive leadership as Puerto Rico and the U.S.