“ Like it or not, bitcoin is not going anywhere “, trumpets Kraken, mischievously under a fiery declaration from James Gorman. The CEO of Morgan Stanley, still in love with cryptocurrency, assures that Bitcoin is not ready to fade away. News that delights fans of digital currency.
James Gorman: Between perplexity and conviction about the future of Bitcoin
After 14 years at the helm of pro-crypto bank Morgan Stanley, James Gorman reveals his thoughts on bitcoin in a recent interview with Bloomberg. This finance boss admits to being perplexed about the ability of bitcoin to serve as a store of valuewhile emphasizing that cryptocurrency is not about to disappear.
Viewing bitcoin as a speculative asset, Gorman admits he doesn’t fully understand it. He acknowledges significant fluctuations in its price and regulatory concernsbut refuses to categorize it as a simple passing fashion.
For the more affluent, Gorman recommends a cautious approach with bitcoin, seen its speculative and volatile nature. Ironically, he admits to joking about not buying bitcoin at $60, but he is glad he avoided the $60,000 purchase. Knowing that BTC has just flirted with 49,000 and 50,000 dollars on February 12.
Despite his reservations, Gorman believes that bitcoin is here to stay. He sees it as one speculative asset among many others, but he refuses to consider it a fundamental investment.
These statements from Gorman resonate with those he made during an earnings conference call in October 2021, where he previously expressed his belief in the sustainability of bitcoin, while emphasizing the power of the underlying blockchain technology .
Morgan Stanley enters the Bitcoin market
In a revolutionary initiative in 2021, Morgan Stanley has ventured into the Bitcoin space, offering Bitcoin funds to its clients. Subsequently, in April, the banking giant integrated Bitcoin into investment strategies of 12 mutual funds, rating Bitcoin.com.
Further strengthening its commitment, the global investment bank has established a research team specializing in cryptocurrencies in September of the same year, led by Sheena Shah, the company’s cryptocurrency analyst. This move highlights the growing importance of cryptocurrencies and digital assets in global markets, as explained by the bank.
During the earnings call, the Morgan Stanley executive clarified their position, saying that they do not directly trade cryptocurrencies for retail clients, but provide access to purchase cryptocurrencies through various funds . Although Bitcoin and other altcoins currently represent a small portion of the bank’s business, they remain vigilant and responsive to changing market demands and regulations.
Otherwise, Michael Saylor of MicroStrategy believes from the bottom of his heart that BTC will become a global store of value by 2031.
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