Morgan Stanley chairman and CEO James Gorman has said that bitcoin is “punching above its weight,” according to a news report.
Speaking to CNBC this morning, however, Gorman further said that the cryptocurrency “doesn’t deserve the attention it’s getting,” arguing:
“Something that goes up 700 percent in a year – it’s by definition speculative. So anybody who thinks they’re buying something that it’s a stable investment is deluding themselves.”
The financial firm’s chief also spoke about ambiguities surrounding bitcoin, including whether it is a needed as a new form of stored value or not. “I’m not so sure,” Gorman said.
However, maintaining his previous stance on bitcoin, in which he said it is “more than just a fad,” Gorman said believes that growing acceptance and usability means the cryptocurrency is “not going away overnight.”
The comments follow other recent statements from other big names in finance including Goldman Sachs CEO Lloyd Blankfein, who said that he isn’t “comfortable” with bitcoin, and JPMorgan Chase CEO Jamin Dimon, who now-famously stated that bitcoin is a “fraud.”
James Gorman image via World Economic Forum/Remy Steinegger/Flickr