Morgan Stanley CEO James Gorman said that the bank’s clients show little interest in cryptocurrencies, but expressed confidence that digital assets will remain for a long time.
He said, I don’t know how much bitcoin should cost but these things will not go anywhere, and the blockchain technology on the basis of which digital assets are made is obviously quite real and provides great opportunities.
Gorman said on the bank’s third-quarter earnings call with analysts Thursday morning:
“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.”
The Morgan Stanley CEO also noted that the bank’s clients are showing little interest in cryptocurrencies. But he stressed that “if demand grows, then we must match.”
In mid-September, Morgan Stanley launched a separate unit to study cryptocurrencies and the blockchain industry.