Unlike his fellow Wall Street bigwigs, James Gorman has not been scathing of Bitcoin, but neither has he been gushing. Now, as Bitcoin’s boom has continued, Gorman looks to be trying to play down the huge growth.
The CEO from Wall Street has said the cryptocurrency “doesn’t quite deserve the attention it’s getting.”
Gorman sees the growth as speculation and warns people of the effects a speculative market can bring, seemingly trying to play down the unprecedented asset growth.
Not even close to a safe investment
The way in which Bitcoin has been viewed by the traditionalist and institutionalized money movers in Wall Street has seen them divided. Some, like Dimon, look to tear it apart with vitriol, while others, like Goldman Sachs Lloyd Blankfein and Fidelity Investments Abigail Johnson, are much more welcoming.
Then there are the middle-grounders, such as Gorman, who on one hand praise -however lightly- Bitcoin, but then try and belittle its growth.
“Something that goes up 700 percent in a year — it’s by definition speculative,” he said. “So anybody who thinks they’re buying something that it’s a stable investment is deluding themselves.”
“It might go up another 700 percent but it could easily not,” Gorman added…
Read Full: Morgan Stanley CEO Plays Down Bitcoin Joining Bankers Choir