Topic: Bitcoin ‘More Than Just a Fad,’ Morgan Stanley CEO Says (Read 265 times)
Yes you are going to see CEOs make statements like BTC is a fad or it isn't a fad, but they are just trying to get attention and that is not what Bitcoin is about. The community will record this and their rep has been tarnished.
Tom Lee, former JPMorgan Chase managing director, Josh Brown and now the latest Wall Street pro, Morgan Stanley CEO, taking the opposite stance to Jamie Dimon:
https://www.bloomberg.com/news/articles/2017-09-27/bitcoin-more-than-just-a-fad-morgan-stanley-ceo-gorman-says
https://www.bloomberg.com/news/articles/2017-09-27/bitcoin-more-than-just-a-fad-morgan-stanley-ceo-gorman-says
Why don't you post the article? Ain't nobody got time for links.
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Quote
Not every Wall Street bank chief is bearish on bitcoin.
Morgan Stanley Chief Executive Officer James Gorman takes a more measured view on the cryptocurrency than crosstown rival Jamie Dimon, the JPMorgan Chase & Co. head who earlier this month called it “a fraud” that’s in a speculative bubble worse than tulip bulbs.
Bitcoin is “certainly something more than just a fad,” Gorman said Wednesday at an event held by the Wall Street Journal. “The concept of anonymous currency is a very interesting concept -- interesting for the privacy protections it gives people, interesting because what it says to the central banking system about controlling that.”
The digital currency has soared in recent months, spurred by greater acceptance of the blockchain technology that underpins exchange and optimism that faster transaction times will encourage broader use. Prices have climbed more than four-fold this year -- a run that has drawn debate over whether that’s a bubble.
“I haven’t invested in it,” Gorman said. “I’ve talked to a lot of people who have. It’s obviously highly speculative but it’s not something that’s inherently bad. It’s a natural consequence of the whole blockchain technology.”
Gorman did wonder “at what point do regulators -- like the Chinese have been saying -- just decide we want to control monetary flows for money laundering and privacy and capital outflows and all the other reasons.”
Dimon differentiated between the bitcoin currency and the underlying blockchain technology, which he said can be useful. He also noted that his daughter had bought some bitcoin.
Morgan Stanley Chief Executive Officer James Gorman takes a more measured view on the cryptocurrency than crosstown rival Jamie Dimon, the JPMorgan Chase & Co. head who earlier this month called it “a fraud” that’s in a speculative bubble worse than tulip bulbs.
Bitcoin is “certainly something more than just a fad,” Gorman said Wednesday at an event held by the Wall Street Journal. “The concept of anonymous currency is a very interesting concept -- interesting for the privacy protections it gives people, interesting because what it says to the central banking system about controlling that.”
The digital currency has soared in recent months, spurred by greater acceptance of the blockchain technology that underpins exchange and optimism that faster transaction times will encourage broader use. Prices have climbed more than four-fold this year -- a run that has drawn debate over whether that’s a bubble.
“I haven’t invested in it,” Gorman said. “I’ve talked to a lot of people who have. It’s obviously highly speculative but it’s not something that’s inherently bad. It’s a natural consequence of the whole blockchain technology.”
Gorman did wonder “at what point do regulators -- like the Chinese have been saying -- just decide we want to control monetary flows for money laundering and privacy and capital outflows and all the other reasons.”
Dimon differentiated between the bitcoin currency and the underlying blockchain technology, which he said can be useful. He also noted that his daughter had bought some bitcoin.
* from https://www.bloomberg.com/news/articles/2017-09-27/bitcoin-more-than-just-a-fad-morgan-stanley-ceo-gorman-says
These bankers are just interested in the underlying blockchain tech and not directly with bitcoin being a currency. Honestly, I think that they're just conditioning the masses about the possibility of banks creating their own cryptocurrencies in the future by posing as 'bitcoin-friendly' entities, and do not really support the revolution fully. Anyway, it's good he's thinking about the other aspects of the coin and not just the negative side of it. One more open-minded banker added into my list.
Tom Lee, former JPMorgan Chase managing director, Josh Brown and now the latest Wall Street pro, Morgan Stanley CEO, taking the opposite stance to Jamie Dimon:
https://www.bloomberg.com/news/articles/2017-09-27/bitcoin-more-than-just-a-fad-morgan-stanley-ceo-gorman-says
https://www.bloomberg.com/news/articles/2017-09-27/bitcoin-more-than-just-a-fad-morgan-stanley-ceo-gorman-says
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