Morgan Stanley CEO Says Crypto Isn’t a Fad, Though Not Seeing Much Client Demand

“For us, honestly it’s just not a huge part of the business,” CEO James Gorman said on the bank’s earnings call.

AccessTimeIconOct 14, 2021 at 7:47 p.m. UTC
Updated May 11, 2023 at 4:07 p.m. UTC

Morgan Stanley CEO James Gorman said that cryptocurrency isn’t a fad and it’s not going away, though he said his bank is not seeing much client demand.

  • “I don’t think crypto’s a fad, I don’t think it’s going away,” Gorman said on the bank’s third-quarter earnings call. “I don’t know what the value of bitcoin should or shouldn’t be, but these things aren’t going away and the blockchain technology supporting it is obviously very real and powerful.”
  • Morgan Stanley isn’t directly trading crypto for retail clients, though it does offer investors ways to buy crypto through various funds, Gorman explained.
  • Morgan Stanley confirmed in April that it’s offering wealth management clients exposure to bitcoin by way of a pair of external crypto funds.
  • “For us, honestly it’s just not a huge part of the business demand for our clients,” Gorman added. “That may evolve and will evolve with it, but certainly it’s not what’s driving our economics one way or the other.”
  • Gorman’s comments come after JPMorgan Chase CEO Jamie Dimon earlier this week called bitcoin “worthless.” In the past, Dimon has called bitcoin a “fraud” and “fool’s gold.”


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Josh Fineman

Josh Fineman is CoinDesk's Senior Wall Street Reporter, covering the intersection of crypto and traditional finance.

Read more about