The CEO of the global investment bank Morgan Stanley, James Gorman, spoke about Bitcoin and cryptocurrencies in To meet reported the third quarter result that it was not a fad.

James Gorman – CEO of Morgan Stanley

Noting that bitcoin and crypto are not going to go away, Gorman stressed:

“We monitor it, we respect it and we will see how the regulators deal with it. I’ve said it publicly before, I’ll say it again. I don’t think crypto is a fad. I don’t know how much Bitcoin’s worth should or shouldn’t be, but these won’t go away. The blockchain technology that powers it is obviously very real and powerful. “

Morgan Stanley was one of the first major banks to accept Bitcoin. In March, the bank announced that it had started offering bitcoin funds to its customers. The following month, the bank added Bitcoin to the investment strategies of 12 mutual funds.

The global investment bank set up a dedicated crypto research team in September led by Sheena Shah, the company’s crypto analyst.

Morgan Stanley’s CEO stated during the conference call that the bank is not trading crypto directly for retail clients, adding that “there are other actors who choose to do so”.

“We’re giving them access to buy crypto through various funds and things.”

He stated that cryptocurrencies are not currently an important part of the bank’s business, but that this is likely to change in the future.

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