Crypto is 'not a fad' says Morgan Stanley CEO Gorman, 'It's not going away'

10/15/2021 12:40:00 AM

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.

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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.”

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.

Gorman’s take on bitcoin BTCUSD, +0.43% and Ether ETHUSD, +0.47% on the Ethereum blockchain feels miles from his counterpart at JPMorgan Chase & Co. JPM, +1.53%.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.

Morgan Stanley’s Gorman isn’t a full-throated bitcoin and crypto rally cry, but he is suggesting that there may be something more than fleeting to digital assets beyond the hype and bluster that sometimes surrounds it.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.

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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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It’s Jamie versus James.Oct.Morgan Stanley MS, +0.Share Article via LinkedIn Share Article via Email A person enters a Bed Bath & Beyond store on October 01, 2021 in the Tribeca neighborhood in New York City.

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.m. Gorman’s take on bitcoin BTCUSD, +0.98 a share, from $2.43% and Ether ETHUSD, +0.com Oct.47% on the Ethereum blockchain feels miles from his counterpart at JPMorgan Chase & Co.

JPM, +1.m. Revenue increased to $14.53%. Earlier this week, Jamie Dimon offered what is becoming a relatively standard response to questions about crypto.com Oct. “I personally think that bitcoin is worthless,” said the JPMorgan CEO, speaking briefly at the annual Institute of International Finance event. Analysts expected the investment bank to earn $1. Morgan Stanley’s Gorman isn’t a full-throated bitcoin and crypto rally cry, but he is suggesting that there may be something more than fleeting to digital assets beyond the hype and bluster that sometimes surrounds it.m.

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. Gorman said of his observations of client behavior, of late: “Nobody’s putting 10% of their portfolio into it…it’s not a core part of their diversification strategy…it is an option” that they are looking at, he told the business network.com Oct. Chairman and CEO James P. Morgan Stanley became one of the first banks to offer access to crypto among its qualified clientele earlier this year. Of course, JPMorgan also is offering some crypto as well (and even created its own interbank digital currency), but the CEO’s grudging acceptance of the emergence of digital assets has been off-putting to many crypto bulls.m. “Our clients are adults…so, if they want to have access to buy yourself bitcoin, we can’t custody it, but we could give them legitimate, as clean as possible, access,” said Dimon.85 billion from $1.

Gorman notes that traditional markets, the 10-year Treasury note TMUBMUSD10Y, 1.com Oct.516%, the Dow Jones Industrial Average DJIA, +1.56%, the S&P 500 index SPX, +1.m.8% in pre-market trades.71%, and the Nasdaq Composite Index COMP, +1.73%, still represent the go-to investment areas for average investors.com Oct.

.2% by the S&P 500.