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James Gorman, Morgan Stanley: Bitcoin is speculative, not worth paying attention

16 November 2017 21:00, UTC

Speaking with CNBC, an American TV channel that often invites traditional financial figures to talk about modern trends and markets, the chief executive of Morgan Stanley has made an update on his views expressed in September. As we should remind, back then he said “Bitcoin is certainly more than just a fad” and that it’s not “inherently bad”.

But he sounded less sure in digital currencies this time, saying that an asset growing so fast is speculative by definition and it did not deserve such attention. He even told that people who invest in Bitcoin as a long-term, stable asset are “deluding themselves”, because the price is actually less predictable than they think.

“Is it a new, a needed form of store of value?” - asks Gorman the question he considers critical for understanding digital currencies. Shrugging his shoulders, he states is not sure about this, but, as he thinks, it is not going away, thus confirming his September statement about Bitcoin being more than just a fad.

Bitcoin is currently growing, even briefly reaching the all-time high of $8000 per one coin at Bitfinex. However, traders who wait for this value to become the world price should wait a bit more. All in all, if Bitcoin reaches $8000, then Sheba Jafari from Goldman Sachs was right again.