Ex-CEO of Morgan Stanley, James Gorman has expressed unwavering support for the Bitcoin longevity. However, Gorman has also highlighted the high volatility and speculative nature of BTC as an investment asset.
Bitcoin Longevity Undeniable
James Gorman, the former CEO and current Executive Chairman of American multinational investment bank, Morgan Stanley has recently appeared in an exclusive interview on Bloomberg TV.
In the Thursday interview, Gorman explained his perspective on BTC, delving into the multifaceted dynamics of the cryptocurrency. Before going deep into the discussion, he acknowledged his shortcomings in understanding the true significance and nature of Bitcoin as a store of value.
According to the former CEO, BTC had strong longevity and would continue to thrive in the financial ecosystem. This analysis could be attributed largely to BTC’s decentralized nature and limited supply, as well as its growing popularity among institutional investors
“I’ve never really understood the value of Bitcoin as a form of stored value. I joked once that I wish I bought it at $60 and I’m glad I didn’t buy it at $60,000,” Gorman said.
He added:
“Listen, bitcoin’s not going away, it’s not a fad. I just don’t think it’s a core investment. I think it’s a speculative asset of which there are plenty of choices.”
Furthermore, the former CEO of Morgan Stanley revealed his perception of BTC as a highly volatile asset. He clarified that in his view, BTC did not identify as a core investment but rather regarded as a speculative asset.
“Bitcoin should play for wealthy people a very small role in their financial fabric because it’s so speculative, it’s so volatile, and again it’s going through enormous regulatory change and industry disruption — we’ve seen some classic failures of late,” he stated.
BTC Retakes $44,000
Solidifying its position as one of the best-performing digital assets, BTC has gained the upper hand again in the 2024 bull run, surging past $44,000 recently. The cryptocurrency rose over $44,300 at one point on Thursday. However, after giving up some gains, Bitcoin is trading at $43,836 at the time of writing, as reported by CoinMarketCap.
The sudden upswing is said to be a result of reports swirling about the imminent approval of Spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC).
The majority of crypto analysts and investors have already reached a consensus, predicting that the SEC would ultimately approve Spot Bitcoin ETF applications in January.
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https://ift.tt/4JQyFZa January 06, 2024 at 12:00AM