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Bitcoin

Former Morgan Stanley CEO Says ‘Bitcoin Is Not Going Away’

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ex-CEO of Morgan Stanley, James Gorman has expressed unwavering support for the Bitcoin longevity. However, Gorman has also highlighted the high volatility and speculative nature of BTC as an investment asset. 

Bitcoin Longevity Undeniable

James Gorman, the former CEO and current Executive Chairman of American multinational investment bank, Morgan Stanley has recently appeared in an exclusive interview on Bloomberg TV.

In the Thursday interview, Gorman explained his perspective on BTC, delving into the multifaceted dynamics of the cryptocurrency. Before going deep into the discussion, he acknowledged his shortcomings in understanding the true significance and nature of Bitcoin as a store of value. 

Related Reading: Was The Bitcoin Crash Planned? Matrixport Founder Clears The Air

According to the former CEO, BTC had strong longevity and would continue to thrive in the financial ecosystem. This analysis could be attributed largely to BTC’s decentralized nature and limited supply, as well as its growing popularity among institutional investors 

“I’ve never really understood the value of Bitcoin as a form of stored value. I joked once that I wish I bought it at $60 and I’m glad I didn’t buy it at $60,000,” Gorman said.

He added:

“Listen, bitcoin’s not going away, it’s not a fad. I just don’t think it’s a core investment. I think it’s a speculative asset of which there are plenty of choices.”

Furthermore, the former CEO of Morgan Stanley revealed his perception of BTC as a highly volatile asset. He clarified that in his view, BTC did not identify as a core investment but rather regarded as a speculative asset.

“Bitcoin should play for wealthy people a very small role in their financial fabric because it’s so speculative, it’s so volatile, and again it’s going through enormous regulatory change and industry disruption — we’ve seen some classic failures of late,” he stated.

Bitcoin price chart from Tradingview.com (Morgan Stanley)

BTC Retakes $44,000

Solidifying its position as one of the best-performing digital assets, BTC has gained the upper hand again in the 2024 bull run, surging past $44,000 recently. The cryptocurrency rose over $44,300 at one point on Thursday. However, after giving up some gains, Bitcoin is trading at $43,836 at the time of writing, as reported by CoinMarketCap.

Related Reading: Crypto Expert Gives Reasons Why Dogecoin Is Better Off Without A DOGE ETF

The sudden upswing is said to be a result of reports swirling about the imminent approval of Spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC). 

The majority of crypto analysts and investors have already reached a consensus, predicting that the SEC would ultimately approve Spot Bitcoin ETF applications in January.

Featured image from Capital.com, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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