Morgan Stanley CEO Rips Bitcoin

Morgan Stanley

Morgan Stanley Chairman and CEO, James Gorman, had a lot to say about Bitcoin in an exclusive interview with CNBC.

Gorman states that despite it going up 700 percent this year the cryptocurrency is the definition of a “speculative investment and anyone thinking it might be stable is deluding themselves.”

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Despite not sounding like a digital currency or bitcoin advocate, he did recognize the increasing adoption of it and its usability meant it was not going away “from one day to another.”

Gorman goes on to describe Bitcoin as “not even close to a safe investment.”

The CEO’s comments weren’t the most confident when it came to Bitcoin but it was a lot less harsh than other peers of his. JPMorgan’s CEO, Jamie Dimon, has had plenty to say on the world’s largest cryptocurrency and claims it to be a ‘fraud’ that will eventually blow up. The most notable comment he made recently was, “If you’re stupid enough to buy bitcoin, you’ll pay the price for it one day.”

You can hear James Gorman’s full statements here.

Featured Image: twitter

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