Morgan Stanley, CEO of Global Investment Bank, says cryptocurrencies, including Bitcoin, are not a fad. Noting they are not going away, he said: “We are aware of this, we are respectful, and we will wait and see how the regulators handle it.”
Morgan Stanley CEO says Bitcoin and crypto are not going away
Morgan Stanley CEO James Gorman spoke with analysts Thursday morning about the bank’s third-quarter earnings during Bitcoin and cryptocurrency.
He emphasized that the crypto was not going away:
I have said it publicly before, I will say it again. I don’t think crypto is a fad. I don’t know what the value of Bitcoin should be or shouldn’t be, but these things aren’t going away.
He added: “The blockchain technology that supports this is obviously very real and powerful.”
Morgan Stanley was one of the first major banks to accept Bitcoin. In March, the bank announced that it had begun offering Bitcoin funds to clients. In April, the bank added Bitcoin to 12 mutual fund investment strategies.
Global Investment Bank launched a dedicated cryptocurrency research team in September, led by the firm’s crypto analyst Shina Shah. “Initiation of dedicated crypto research in recognition of the growing significance of cryptocurrencies and other digital resources worldwide,” the bank explained.
“We’re not trading crypto directly for retail clients,” Morgan Stanley explained during an executive earnings call, adding that “there are other players who like to do it.” He clarified, “We give them access to buy crypto through various funds and things.”
He further elaborated that crypto is not a big part of the banking business at present but it may grow further in the future. “For us, honestly, it’s not a huge part of the business demand from our clients. And it can evolve and we will evolve with it, “he commented, detailing:
We are aware of it, we are respectful and we will 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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