The CEO of one of the world’s largest banks, Morgan Stanley, said he was holding back from investing in digital assets due to the high level of risk and unpredictability.
James Gorman announced that he does not consider cryptocurrencies to be a short-lived fad, as this type of asset is maturing and will no longer be able to disappear from the market. At the same time, the banker is afraid to invest in crypto assets, since it is rather difficult for him to assess their intrinsic value. According to the head of Morgan Stanley, cryptocurrencies are in themselves speculative assets, and he is glad that he did not buy bitcoin for $60,000.
Gorman likened digital assets to the dot-com era of the late 1990s, when investors poured money into young tech startups en masse, hoping to make a quick profit. However, when most Internet companies closed due to lack of capital, this led to the collapse of the stock market.
Despite James Gorman’s skepticism about bitcoin, Morgan Stanley created a special division last year to study the impact of cryptocurrencies on the international financial market. In March, Morgan Stanley clients gained access to three Bitcoin-based funds, two of which are owned by Galaxy Digital.
Source: Bits
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