December 4, 2021

Morgan Stanley CEO Confident in Long-Term Success of Cryptocurrencies

Morgan Stanley CEO Confident in Long-Term Success of Cryptocurrencies

Morgan Stanley CEO James Gorman does not believe cryptocurrency is a temporary asset class and is confident in its long-term success.

In an interview, he stated that although the cryptocurrency is nothas a significant impact on the business of his company, he does not think that it will just disappear somewhere. Gorman added that he does not know how much bitcoin should actually cost, but he is confident in its long-term success.

In a conversation with analysts, he also called blockchain a truly "powerful" technology to help support cryptocurrencies.

Although only a small part of the bank's clients are now working with digital assets, its head considers this area to be promising and is interested in its development.

In March 2021, Morgan Stanley, which ownsthe largest brokerage business in the world, officially recognized cryptocurrency as an investment asset class, and in July the bank's investment division acquired more than 28,289 shares of the Grayscale Bitcoin Trust.

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