The head of one among Wall Street’s largest banks believes bitcoin is more than just a fad. James Gorman, chief executive Officer of Morgan Stanley, was talking throughout an occasion hosted by the Wall Street Journal nowadays. In step with Bloomberg, James Gorman mentioned that the privacy capabilities of cryptocurrency are compelling.
James Gorman stated:
“The idea of nameless currency is a totally thrilling idea exciting for the privacy protections it offers people, thrilling because what it says to the central banking system about controlling that.”
However, James Gorman is not individually invested, although Gorman mentioned that he has encountered some of people who’ve bought a stake within the marketplace.
James Gorman said:
“I have talked to many people who’ve. It is manifestly incredibly speculative but it is not something that is inherently awful. It is a natural result of the entire blockchain technology.”
James Gorman’s moderated stance stands in comparison to feedback issued this month by JPMorgan Chase chief executive Officer, Jamie Dimon, who made headlines while he noted that he believes bitcoin is a fraud. Dimon later doubled down on those comments, predicting that governments would move more forcefully to crack down on digital currencies.
However, James Gorman himself pointed to that question of future regulatory tendencies around digital currencies, wondering aloud while regulators might decide they need to manipulate financial flows for money laundering and privacy and capital outflows and all of the different motives.