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.”
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.