Morgan Stanley CEO: Bitcoin Is ‘By Definition Speculative’

Morgan Stanley chairman and CEO James Gorman has said that bitcoin is “punching above its weight,” according to a news report.

Speaking to CNBC this morning, however, Gorman further said that the cryptocurrency “doesn’t deserve the attention it’s getting,” arguing:

“Something that goes up 700 percent in a year – it’s by definition speculative. So anybody who thinks they’re buying something that it’s a stable investment is deluding themselves.”

The financial firm’s chief also spoke about ambiguities surrounding bitcoin, including whether it is a needed as a new form of stored value or not. “I’m not so sure,” Gorman said…

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