Crypto and Bitcoin aren’t just a fad, they’re here to stay, says Morgan Stanley CEO

James Gorman, CEO of Morgan Stanley, the major US investment bank, is convinced that cryptocurrencies are here to stay. Bloomberg news agency reported this on October 14:

“I don’t think crypto is all the rage, I don’t think it will go away.”

Said the CEO in a third quarter earnings call with analysts. Gorman is more reserved about bitcoin (BTC), but the bank manager is very enthusiastic about the underlying blockchain technology:

“I don’t know what the value of bitcoin should or should not be. But these things are not going away and the blockchain technology that supports it is clearly very real and powerful.”

That’s quite a different tone from JPMorgan Chase CEO Jamie Dimon. He recently called bitcoin mostly “worthless.” Still, Gorman says the demand for crypto among the bank’s customers is currently relatively small:

“For us, frankly, it’s just not a big part of our customers’ business demand. That can evolve and then we will evolve with it. We are vigilant about it, we are respectful about it and we are waiting to see how the regulators deal with it.”

Jane Fraser, CEO of Citigroup, also a major US investment bank, largely agreed with Gorman recently. She also said last week that she is mainly a fan of the technology:

“As a bank, we are quite careful with crypto. We proceed with great caution about where the value is and where it is not. Frankly, I am much more excited about the technologies behind crypto than some of the products themselves.”

Morgan Stanley was the first major US bank to give its customers access to bitcoin investment products early this year. The bank also recently established a crypto research division and again invested heavily in Graysale Investments’ bitcoin fund.

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