Morgan Stanley CEO Says Crypto Isn’t a Fad, Though Not Seeing Much Client Demand

Morgan Stanley CEO James Gorman stated that cryptocurrency isn’t a fad and it’s not going away, although he stated his financial institution shouldn’t be seeing a lot consumer demand.

“I don’t assume crypto’s a fad, I don’t assume it’s going away,” Gorman stated on the financial institution’s third-quarter earnings name. “I don’t know what the worth of bitcoin ought to or shouldn’t be, however this stuff aren’t going away and the blockchain know-how supporting it’s clearly very actual and highly effective.”Morgan Stanley isn’t instantly buying and selling crypto for retail shoppers, although it does supply buyers methods to purchase crypto by way of varied funds, Gorman defined.Morgan Stanley confirmed in April that it’s providing wealth administration shoppers publicity to bitcoin by means of a pair of exterior crypto funds.“For us, actually it’s simply not a big a part of the enterprise demand for our shoppers,” Gorman added. “That might evolve and can evolve with it, however definitely it’s not what’s driving our economics come what may.”Gorman’s feedback come after JPMorgan Chase CEO Jamie Dimon earlier this week known as bitcoin “nugatory.” In the previous, Dimon has known as bitcoin a “fraud” and “idiot’s gold.”

Read extra: Morgan Stanley Taps Longtime Foreign-Exchange Expert to Lead Crypto Research Team: Report

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