Morgan Stanley CEO: Bitcoin Is ‘More Than Just A Fad’

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Thehead of among Wall Street’s greatest banks thinks bitcoin is “more than just a fad.”

JamesGorman, CEO of Morgan Stanley, made the remarks throughout an occasion hosted by the Wall Street Journal today. According to Bloomberg, Gorman stated that the personal privacy functions of cryptocurrency are engaging.

Hestated:

“The concept of anonymous currency is a very interesting concept – interesting for the privacy protections it gives people, interesting because what it says to the central banking system about controlling that.”

Thatstated, Gorman isn’t really personally invested, though he did state he has actually come across a variety of individuals who have actually purchased a stake in the market.

“I’ve talked to a lot of people who have,”he stated at the occasion. “It’s obviously highly speculative but it’s not something that’s inherently bad. It’s a natural consequence of the whole blockchain technology.”

Gorman’s moderated position stands in contrast to remarks released this month by JPMorganChase CEO Jamie Dimon, who made headings when he stated he thinks bitcoin is a “fraud” He later on doubled down on those remarks, anticipating that federal governments would move more powerfully to punish cryptocurrencies.

Accordingto Bloomberg, Gorman himself indicated that concern of future regulative advancements around cryptocurrencies, questioning aloud when regulators would “decide [they] want to control monetary flows for money laundering and privacy and capital outflows and all the other reasons.”

ImageCredit: World Economic Forum – Remy Steinegger/Flickr

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