While Wall Street giants have been calling Bitcoin a fraud left and right (Jamie Dimon and Jordan Belfort), Morgan Stanley Chief Executive James Gorman becomes the voice of reason, acknowledging that Bitcoin is:
“...certaintly something more than just a fad”.
Speaking at an event organized by the Wall Street Journal, Gorman appreciated Bitcoin’s core values of privacy and freedom, saying:
“The concept of anonymous currency is a very interesting concept – interesting for the privacy protections it gives people, interesting because what it says to the central banking system about controlling that.”
This year saw Bitcoin’s price rising beyond expectations, jumping from around $1,000 on 2nd January to almost $5,000 on the 2nd of September.
Such growth understandably ruffled some feathers with financial institutions, regulatory authorities and central banks – all of whom have had something to say about the world’s leading cryptocurrency.
Ray Dalio, head of the world’s biggest hedge fund was also among the detractors, calling Bitcoin a bubble:
"It's not an effective storehold of wealth because it has volatility to it, unlike gold. Bitcoin is a highly speculative market. Bitcoin is a bubble."
Even the infamous Wolf of Wall Street gave his opinion on Bitcoin, calling it a fraud and unsustainable without central banking.
However, Gorman was more open-minded towards Bitcoin and conceded that it has its benefits:
“I haven’t invested in it. I’ve talked to a lot of people who have. It’s obviously highly speculative but it’s not something that’s inherently bad. It’s a natural consequence of the whole blockchain technology.”
Despite all the negative news, Bitcoin seems to be on the path to recovery, revisiting $4,000 and going strong.