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The former CEO of Morgan Stanley, James Gorman, recently shared his perspective on Bitcoin BTC/USD , the banking sector and the economic landscape.
What Happened: After a 14-year stint as Morgan Stanleys CEO, which ended on New Years Day, Gorman, in an interview with Bloomberg, revealed his confusion about Bitcoins value as a storage medium.
He stated,It should play for wealthypeople a very small rolein their financial fabric becauseits so speculative, its sovolatile, reportedBusiness Insider.
Ive never really understood the value of bitcoin as a form of stored value.
I joked once, I wish I bought it at $60 and Im glad I didnt buy it at $60,000.
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Despite Bitcoins significant price swings and recent regulatory concerns, Gorman maintained that Bitcoin is not a fad. However, he does not see it as a fundamental investment but as a speculative asset.
Listen, bitcoins not going away, its not a fad, Gorman said.
I just dont think its a core investment. I think its a speculative asset of which there are plenty of choices.
Addressing last springs failuresof Silicon Valley Bank, SignatureBank, and Silvergate Capital, Gorman attributed the failures to poor managerial decisions and dismissed the notion of an industry-wide crisis as exaggerated.Loading… Loading…
Gorman presented an optimistic view of the U.S. economy, highlighting the swift decrease in inflation, steady output growth, and record-low unemployment. He predicted,Its unlikely well have arecession, very unlikely well havea hard landing.
Why It Matters: Gormans comments on Bitcoin echo his earlier remarks during an earnings call in October 2021, where he also expressed his belief thatcrypto is not a fad. He acknowledged that while he was unsure of Bitcoins value, he saw the underlying blockchain technology as very real and powerful.
Meanwhile, Bitcoinrebounded over the $44,000 level on Thursday after the cryptocurrency valuations plummeted a day earlier. The global cryptocurrency market cap rose nearly 1% to $1.66 trillion.
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