CEO of Morgan Stanley: “Cryptocurrencies are more than a fad”

At an event hosted by the Wall Street Journal, Morgan Stanley CEO James Gorman expressed optimism about cryptocurrencies. It is worth mentioning that these comments are totally opposite to those that Jamie Dimon, leader of JP Morgan, issued on September 12 – to be revealed that his firm was involved in the purchase of numerous shares in the exchange Bitcoin XBT- and that subsequently was not contained in reinforcing a few days ago.

As stated by Gorman:

“The cryptocurrencies like Bitcoin and Ethereum are more than a simple fashion. The concept of an anonymous currency is quite interesting, thanks to the benefits of privacy and the fact that it sends a clear message to the paradigm imposed by the central banks.

It has been more than two weeks since Jamie Dimon stepped forward to declare that the cryptocurrencies and Tulipomania – a speculative crisis that affected the Dutch economy in the seventeenth century – are similar. In fact, the top executive went so far as to threaten his company’s employees, making it clear that they would be fired if there was evidence that they were trading money of this kind. His point of view caused a great deal of discomfort in the community and even some confusion in Amber Baldet, JP Morgan’s Blockchain head – personalities such as Bradley Tusk and Roger Gabriel, leaders of Tusk Ventures and BitInka, had no qualms about dismissing the opinion of Dimon-; Dimon stressed that while it is against Bitcoin, Blockchain technology can be useful … To show a button, JP Morgan is developing its own private chain-based ecosystem called Quorum.

Likewise, Gorman said that he has no share in the current market. According to the head of Morgan Stanley:

“I have not invested in cryptocurrencies, although I have spoken with many people that yes. Obviously, there is speculation in this market, but that is a natural consequence of Blockchain technology. “

Looking to the future, Gorman said regulators should rush to take concrete steps to control money laundering and capital outflows, as there is nothing profitable to continue postponing a clear verdict on this area.

The truth is that Gorman is not the only one who maintains this position. If the industry leaders continue to lead by example, the ideology of Jamie Dimon – and the like – may be extinguished.

Eduardo Gómez

Eduardo Gómez

Eduardo Gómez is a Venezuelan freelance writer and Information's Technology Professional. He discovered Bitcoin in 2012 and has been drawn to it ever since. He also works as a Customer Support Agent at the San Francisco-based Bitcoin startup Purse.io