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Morgan Stanley CEO says he respects cryptocurrencies and praised blockchain

James Gorman, CEO of Morgan Stanley, said he respects cryptocurrencies and praised blockchain technology.

Morgan Stanley CEO says he respects cryptocurrencies and praised blockchain

Morgan Stanley CEO says he respects cryptocurrencies and praised blockchain

“I don’t think cryptocurrencies are a fad. I don’t think that goes away,” he said on the bank’s third-quarter earnings conference call with analysts yesterday morning.

“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 is obviously very real and powerful.”

As simple as it is, this statement is already something absolutely incredible coming from one of the greatest bankers in the world, something unthinkable 4 years ago.

This sets him up as a counterpoint to Jamie Dimon, who runs JPMorgan Chase & Co.

“Personally, I think Bitcoin is worthless,” Dimon said this week at the Institute of International Finance’s annual meeting of members.

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He added that, on the other hand, customers are “adults” and that the company can give them the “cleanest and most direct access possible.”

Citigroup Inc. head Jane Fraser issued a similar note this week:

“We are very cautious about cryptocurrencies as a bank. We proceed with great caution as to where the value is and is not,” she said.

“I’m frankly much more excited about the technologies behind cryptocurrencies than some of the products themselves.”

In September, Morgan Stanley said Sheena Shah will lead a new Cryptoactive Research team.

On the earnings conference call, Gorman added that the company is not trading cryptocurrencies directly to retail customers, instead giving them access to purchase crypto through various funds.

“For us, honestly, it’s not just a big part of our customers’ business demand. It can evolve, and we’re going to evolve with it,” he said. “We are aware of this, we are respectful and we will wait and see how regulators deal with the matter.”

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