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Morgan Stanley CEO James Gorman expressed his measured view on cryptocurrency compared JPMorgan Chase & Co. CEO Jamie Damon's statement earlier this month that Bitcoin is a 'fraud' that threatens to be a bigger speculative bubble than the Tulipmania.
Speaking in an event hosted by Wall Street Journal, Gorman said that the digital currency was something that was 'more than just a fad', stating that it was an interesting concept.
Bitcoin has surged in recent months, bolstered by the increased acceptance of the blockchain technology that supports exchange and positive outlook that faster transaction periods will encourage increased usage.
While he had not invested in Bitcoin, Gorman said he knew a lot of people who did. He said that the currency is clearly highly speculative but it is not something that should be considered as 'inherently bad', adding that it is a natural effect of the entire blockchain technology.
However, did Gorman did raise the question at what point regulators will decide to oversee monetary flows for illegal activities such as money laundering and privacy and capital outflows, among other reasons.
