Morgan Stanley: Cryptocurrency Aren’t Going Away

Morgan Stanley CEO James Gorman said that while crypto isn’t a big part of his company’s business, he doesn’t believe it will go away.

“I don’t think crypto is a fad, and I don’t think it’s going away,”

“I’m not sure what bitcoin worth should be, but these issues aren’t going away,

and the blockchain technology that underpins it is clearly very real and powerful.”

“It’s just not a major part of our clients’ business demand,” , “That may evolve, and we’ll evolve with it.”

Morgan Stanley, which generated a net profit of $14.8 billion in the third quarter, has taken a keen interest in cryptocurrency this year. In February, its $150 billion investment unit Counterpoint Global looked at bitcoin, and in June, it purchased more than 28,000 shares in Grayscale’s Bitcoin Trust.