Bitcoin More Than Just a Fad, Morgan Stanley CEO Says

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Not every Wall Street bank chief is bearish on bitcoin.

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

Bitcoin is” certainly something more than really a fad ,” Gorman said Wednesday at an occurrence held by the Wall Street Journal.” The theory of anonymous money is a very interesting perception — interesting for the privacy protections it is giving, amusing because what it says to the central banking system about seeing that .”

The digital money has soared in recent months, stimulus by greater following of the blockchain technology that underpins exchange and hope that faster transaction times will encourage broader call. Prices have descended more than four-fold this year — a control that has extorted 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 most speculative but it’s not something that’s inherently bad. It’s a natural cause of the whole blockchain technology .”

Gorman did speculate” at what site do regulators — like the Chinese have been saying — simply rule we want to control monetary floods for coin laundering and privacy and fund outflows and all the other reasons .”

Dimon distinguished between the bitcoin currency and the underlying blockchain engineering, which he said can be useful. He also have also pointed out that his daughter had bought some bitcoin.

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