TAKE THAT JAMIE DIMON! Seems that there is another view on digital currencies and the crypto space. And its none other than James Gorman, CEO of Morgan Stanley. Oh golly, he is even friendly to bitcoin. Here is a really good read and a counter view toward Mr. Dimon’s. But hey, maybe Jamie is just getting old and cranky from riding around in that old Model T Ford.
Cryptocurrencies are “certainly something more than just a fad,” Gorman said at a Wall Street Journal event Wednesday.
That contrasts with JPMorgan Chase CEO Jamie Dimon’s remarks earlier this month that bitcoin is a “fraud” and the mania around it “won’t end well. Gorman also took a different position from Dimon on the relationship between governments and digital currencies.
While Dimon said earlier this month that governments will eventually crack down on cryptocurrencies, Gorman pointed to how broader technological trends may actually force authorities to adapt.
“None of us operate in isolation in the ecosystem in which we live,” Gorman said. “If banks behave badly, the government says, ‘Raise more capital.’ We say, ‘Gee, that makes us less profitable,’ and they say, ‘That is now your problem.'”
“If [cryptocurrencies] are operating by enabling people to transfer more money, the government can say, ‘We’re not going to allow that anymore,'” he said. “So there is a sort of government risk factor to it.”
The Wall Street Journal discussion did not specifically mention bitcoin, the digital currency with the largest market capitalization. The value of more than 1,000 digital currencies listed on CoinMarketCap is now above $140 billion…”
Full Story at CNBC