This morning, James Gorman, the chairman and CEO of Morgan Stanley talked to CNBC about Bitcoin, calling it speculative: “Bitcoin is punching above its weight.”
Mr. Gorman further believes that the digital currency is getting too much attention and it doesn’t deserve it:
“Something that rises up to 700 percent in a single year, is by definition speculative. Whoever thinks he’s investing in something stable, he’s deceiving himself”
When the financial firm’s chief was asked if Bitcoin is needed or not as a possible new form of stored value he replied he isn’t so sure.
Later, he tried to defend his previous stance on the cryptocurrency. He had stated that Bitcoin is “more than just a fad”. As an outcome, Mr. Gorman explained that the digital currency receives continuous growing usability and acceptance, so it is unlikely we see it “going away overnight.
Other industry leaders are also negative about the cryptocurrency’s blooming
The above comments are related to some recent statements made by other “authorities” in the financial industry. For example, Lloyd Blankfein, Goldman Sachs CEO, publicly announced he doesn’t feel “comfortable” with Bitcoin. Also, Jamin Dimon, JPMorgan Chase CEO, had recently claimed: “Bitcoin is a fraud”.