Economy

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.



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