James Gorman slammed Bitcoin and said that it is so speculative, it’s so volatile.
James Patrick Gorman is a 65 years old Australian-American financier. He is a former chief executive officer and current executive chairman of Morgan Stanley. Before becoming CEO, he played a vital role in Morgan Stanley firm as a Co-President and Co-Head of Strategic Planning.
In a latest interview with Bloomberg, James Gorman disclosed his confusion about the top crypto asset Bitcoin’s value as a storage medium.
According to James, Bitcoin only can play a very small role for wealthy people because it is highly speculative & volatile.
Furthermore, the former Morgan Stanley CEO said that he doesn’t think that Bitcoin is a store of value and also in the past he joked that he purchased bitcoin at $60.
“I joked once, I wish I bought it at $60 and I’m glad I didn’t buy it at $60,000,” James said.
Despite the better performance of Bitcoin in the last 12 months, James said that Bitcoin is not a fad and is not a fundamental investment asset.
According to James, he is optimistic about the US’s better policies for better economic growth & record low employment rates. Indirectly he showed support for the traditional financial sector.
Earlier in Oct 2021, during an earning calls report, he passed similar kinds of statements against cryptocurrencies but admitted that the backed technology behind crypto, which is blockchain, was powerful & better to use for financial innovations.
In the past, we saw many Bitcoin haters who turned into Bitcoin proponents. According to the majority of Bitcoin maximalists, any person should first learn about Bitcoin instead of blind investment decisions on behalf of Bitcoin price performance.
Currently, Bitcoin is in that phase where it is in use as a legal currency in two countries, namely El Salvador and the Central African Republic (CAR). Also, many Bitcoin spot ETF applications are in line to get approval from the American regulatory body to get approval to provide an opportunity for people to invest money in Bitcoin directly via the stock market.
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