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Morgan Stanley CEO James Gorman said that crypto is not a big part of the bank’s business at the moment. However, the executive believes that crypto isn’t just a passing fad.
“I don’t think crypto’s a fad, I don’t think it’s going away,” James Gorman said on Morgan Stanley’s third-quarter earnings call, Business Insider reported. “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.”
Unlike some of its competitors, Morgan Stanley does not offer direct crypto trading for its retail clients. Instead, it offers them exposure to cryptocurrencies through various funds.
While there is interest in digital currencies from its clients, demand for crypto assets is not particularly huge at the moment. “It's just not a huge part of the business demand from our clients, and that may evolve, and we'll evolve with it,” Gorman said.
However, Morgan Stanley is closely monitoring the latest developments in the digital asset industry especially when it comes to regulations. “We're watchful of it, we're respectful, and we'll wait and see how the regulators handle it,” Gorman added.
Prominent players of the financial sector are divided when it comes to the subject of cryptocurrency. For instance, JPMorgan CEO Jamie Dimon even described Bitcoin as worthless earlier this week.
“I personally think that bitcoin is worthless,” Dimon said. The JPMorgan CEO aired his stance on the crypto during an Institute of International Finance event on Monday, CNBC reported.
Despite his personal view, JPMorgan is still offering crypto-related services to clients who want exposure to digital currencies. “I don’t want to be a spokesperson — I don’t care. It makes no difference to me,” he said. “Our clients are adults. They disagree. That’s what makes markets. So, if they want to have access to buy yourself bitcoin, we can’t custody it but we can give them legitimate, as clean as possible, access.”
