Morgan Stanley CEO James Gorman, who attended the Reuters conference in New York, said that cryptocurrencies are not a passing fad.
Thinking that cryptocurrencies will continue to exist, Gorman said, however, that he cannot put a real value on these assets.
Gorman also stressed that he doesn’t like to invest in things that have a wide variety of consequences.
Morgan Stanley CEO Thinks Crypto Is Speculative
Gorman, who appeared on CNBC’s Mad Money in September, said that while crypto is an inherently speculative asset, he does not see them as a store of value.
Gorman confirmed that he did not own any crypto assets at the time and expressed his happiness that he did not buy Bitcoin at the price of $ 60,000.
Gorman compared the cryptocurrency craze to the dot-com bubble of the late 90s and noted that many investors fall into this trap.
Morgan Stanley has invested millions of dollars in shares of the Grayscale Bitcoin Trust. It even owned more GBTC shares than Ark Invest by the end of 2021.
