The chief govt officer of worldwide funding financial institution Morgan Stanley says that cryptocurrency, together with bitcoin, will not be a fad. Noting that they aren’t going to go away, he mentioned: “We’re watchful of it, we’re respectful, and we’ll wait and see how the regulators handle it.”
Morgan Stanley’s CEO Says Bitcoin and Crypto Aren’t Going Away
Morgan Stanley CEO James Gorman talked about bitcoin and cryptocurrency throughout the financial institution’s third-quarter earnings name with analysts Thursday morning.
Emphasizing that crypto will not be going to go away, he mentioned:
I’ve mentioned it publicly earlier than, I’ll say it once more. I don’t assume crypto’s a fad. I don’t know what the worth of bitcoin ought to or shouldn’t be, however this stuff aren’t going away.
He added: “The blockchain technology supporting it is obviously very real and powerful.”
Morgan Stanley was among the many first main banks to embrace bitcoin. In March, the financial institution revealed that it had begun providing bitcoin funds to shoppers. In April, the financial institution added bitcoin to 12 mutual funds’ funding methods.
The worldwide funding financial institution launched a devoted cryptocurrency analysis group in September, led by Sheena Shah, the agency’s crypto analyst. “The launch of dedicated crypto research is in recognition of the growing significance of cryptocurrencies and other digital assets in global markets,” the financial institution defined.
The Morgan Stanley govt defined throughout the earnings name, “We’re not directly trading crypto for retail clients,” including that “there are other players who are choosing to do that.” He clarified, “We give access to them to buy crypto through various funds and things.”
He additional detailed that crypto is at present not a giant a part of the financial institution’s enterprise however mentioned it might develop sooner or later. “For us, honestly, it’s just not a huge part of the business demand from our clients. And that may evolve and we’ll evolve with it,” he opined, elaborating:
We’re watchful of it, we’re respectful, and we’ll wait and see how the regulators deal with it.
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