Morgan Stanley Executive Chair James Gorman on Thursday called Bitcoin “speculative and volatile” in what seems to be another gloomy remark about the digital currency’s existence.
James Gorman calls Bitcoin speculative
In an interview with Bloomberg, Gorman said that he never understood Bitcoin while emphasizing the fact that a lack of regulation in the sphere makes the price of the virtual asset go up.
Gorman added that seeing Bitcoin as a core investment for those who have a pool of funds to invest seems highly unlikely. However, he did acknowledge that Bitcoin isn’t a fad and will not go away so easily.
From critics to ally: shift of mindset around crypto
In the past, executives of various banking firms and brokerages have expressed voiced opinions against digital assets and crypto’s lack of intrinsic value. However, with the digital asset market becoming too big to ignore with over a trillion dollars in market capitalization, some of these executives have changed their stance to become a crypto ally.
Recently, CNBC host and financial expert Jim Cramer publicly declared Bitcoin as a technological marvel while acknowledging its presence as a “reality”. He also added that those who were bullish on Bitcoin were right, validating their long-term perspective about the virtual currency.
JPMorgan Chase CEO Jamie Dimon also faced intense backlash for criticizing the digital currency while the bank was revealed as an Authorized Participant (AP) in BlackRock’s spot Bitcoin ETF filing.
With the SEC’s decision on the Bitcoin ETF application expected this week, the tussle between traditional financial institutions and the ever-expanding crypto sphere continues.
BTC prices today
At the time of writing, the price of Bitcoin is currently at $44130. Its 24-hour trading volume is above $20.5 billion, while the price of the digital asset has plunged almost 3% in the previous 24 hours.
The post Morgan Stanley’s Gorman Says Bitcoin Not a Core Investment, Calls it Speculative appeared first on CoinGape.
from CoinGape