"I don't know what the value of Bitcoin should or shouldn't be. But these things aren't going away, and the blockchain technology supporting it is obviously very real and powerful," he says.
JPMorgan Chase’s CEO Jamie Dimon appears to be cutting an increasingly lonely figure when it comes to his views on Bitcoin.
Earlier this week, Dimon once again described Bitcoin as “worthless” — but admitted that many of his clients disagree with his stance.
And now, Morgan Stanley’s CEO James Gorman has struck a far more even-handed tone on an earnings call with analysts. He said:
“I don’t think crypto is a fad. I don’t think it’s going to go away. I don’t know what the value of Bitcoin should or shouldn’t be. But these things aren’t going away, and the blockchain technology supporting it is obviously very real and powerful.”
That seems to be a recurring theme among several banks — they tend to be more excited about what this infrastructure can achieve rather than the cryptocurrencies that run on them.
Keeping an Open Mind
Morgan Stanley doesn’t allow its retail clients to directly trade cryptocurrencies, but they can gain exposure to digital assets via funds.
During the call, Gorman suggested that this could change depending on what happens in the future, adding:
“It’s just not a huge part of the business demand from our clients, and that may evolve, and we'll evolve with it.”
And inevitably, any further business strategy will hinge upon how U.S. lawmakers decide to proceed when it comes to cryptocurrencies:
“We’re watchful of it, we’re respectful, and we'll wait and see how the regulators handle it.”