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.
The Morgan Stanley executive explained during the earnings call, “We’re not directly trading crypto for retail clients,” adding that “there are other players who are choosing to do that.” He clarified, “We give access to them to buy crypto through various funds and things.”
He further detailed that crypto is currently not a big part of the bank’s business but said it could grow in the future. “For us, honestly, it’s just not a huge part of the business demand from our clients. And that may evolve and we’ll evolve with it,” he opined, elaborating:
We’re watchful of it, we’re respectful, and we’ll wait and see how the regulators handle it.
Do you agree with Morgan Stanley’s CEO about bitcoin and crypto? Let us know in the comments section below.
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