It’s Jamie versus James. James Gorman, CEO of Morgan Stanley doesn’t know where prices of bitcoin or its ilk will be in the coming days but he knows one thing. “It’s not a fad…it’s not going away,” he told CNBC during a Thursday interview, referring to the nascent cryptocurrency industry as he also discussed the investment bank’s third-quarter results.
Earlier this week, Jamie Dimon offered what is becoming a relatively standard response to questions about crypto. “I personally think that bitcoin is worthless,” said the JPMorgan CEO, speaking briefly at the annual Institute of International Finance event. Gorman offered a fairly levelheaded assessment of virtual currencies that have increasingly gained mainstream attraction, with bitcoin knocking on the door of a record around $60,000 and companies and investors trying to figure out whether and/or how the asset fits into a balance sheet in an investment portfolio.
Morgan Stanley became one of the first banks to offer access to crypto among its qualified clientele earlier this year.
They would sell poison if people ask for it. They don’t care.
Crypto is here to stay but your money is long gone. It’s a pyramid scheme right?
Time to sell.
Derivatives are AAA investment too
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