Morgan Stanley CEO: Bitcoin is "not a flash in the pan"

James Gorman, CEO of Morgan Stanley, one of Wall Street's largest banks, believes that Bitcoin is "not a flash in the pan."

Gorman shared his thoughts on Bitcoin at an event hosted by The Wall Street Journal on Wednesday. According to Bloomberg, Gorman said the privacy features of the cryptocurrency are attractive.

He said:

“The idea of ​​anonymous cryptocurrencies is a very interesting concept — the privacy it gives people is interesting, and what that privacy says about the control of the central banking system.”

Still, Gorman hasn’t personally invested in bitcoin, though he said he has met some people who are involved in the market.

“I’ve talked to a lot of people who own Bitcoin. It’s obviously very speculative, but it’s not inherently bad. It’s a natural consequence of the whole blockchain technology.”

Gorman’s conciliatory stance contrasts with JPMorgan Chase CEO Jamie Dimon’s claim earlier this month that bitcoin is “a fraud.” Dimon later repeated his harsh comments, predicting that governments will crack down on cryptocurrencies more harshly.

According to Bloomberg, Gorman also pointed out future regulatory developments around cryptocurrencies, wondering when regulators will “decide they want to control the movement of money for reasons like money laundering, privacy and capital outflows.”