×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: bitcoin | morgan | stanley | ceo | gorman

Morgan Stanley CEO Gorman: Bitcoin 'More Than Just a Fad'

Morgan Stanley CEO Gorman: Bitcoin 'More Than Just a Fad'
(Xtau/Dreamstime)

Wednesday, 27 September 2017 12:04 PM EDT

Not every Wall Street bank chief is bearish on bitcoin.

Morgan Stanley Chief Executive Officer James Gorman takes a more measured view on the cryptocurrency than crosstown rival Jamie Dimon, the JPMorgan Chase & Co. head who earlier this month called it “a fraud” that’s in a speculative bubble worse than tulip bulbs.

Bitcoin is “certainly something more than just a fad,” Gorman said Wednesday at an event held by the Wall Street Journal. “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.”

The digital currency has soared in recent months, spurred by greater acceptance of the blockchain technology that underpins exchange and optimism that faster transaction times will encourage broader use. Prices have climbed more than four-fold this year -- a run that has drawn debate over whether that’s a bubble.

“I haven’t invested in it,” Gorman said. “I’ve talked to a lot of people who have. 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 did wonder “at what point do regulators -- like the Chinese have been saying -- just decide we want to control monetary flows for money laundering and privacy and capital outflows and all the other reasons.”

Dimon differentiated between the bitcoin currency and the underlying blockchain technology, which he said can be useful. He also noted that his daughter had bought some bitcoin.

© Copyright 2022 Bloomberg News. All rights reserved.


StreetTalk
Morgan Stanley Chief Executive Officer James Gorman takes a more measured view on the cryptocurrency than crosstown rival Jamie Dimon, the JPMorgan Chase & Co. head who earlier this month called it “a fraud” that’s in a speculative bubble worse than tulip bulbs.
bitcoin, morgan, stanley, ceo, gorman
255
2017-04-27
Wednesday, 27 September 2017 12:04 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved