Crypto is not a Fad, Says Morgan Stanley CEO James Gorman

All the major financial players have something to say about the cryptocurrency markets. It is natural that after the $3 trillion threshold, it has become impossible for anyone to keep ignoring cryptocurrencies.

To this effect, the CEO of Morgan Stanley has recently issued a positive statement about cryptocurrencies.

James Gorman has recently said in an interview that he does not view cryptocurrencies as a fad. He was speaking to Reuters when he added that cryptocurrencies are here to stay.

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However, he maintained that he was unable to find an intrinsic value in the asset class. He also claimed that he does not prefer to invest in products that have a wide range of outcomes.

Speculative Nature of Cryptocurrencies

Gorman attended the CNBC show Mad Money in September, where he claimed that cryptocurrencies are speculative by nature.

He also claimed that he was unable to see crypto as the new store of value. However, at that time, he also claimed that he did not have any cryptocurrencies in his portfolio.

He further exclaimed that he was glad not to purchase Bitcoin at $60K. Additionally, as per his previous remarks, many investors got caught up in FOMO. He also drew a parallel between the ongoing cryptocurrency phases with the dot-com bubble of the 90s.

David Gokhshtein is the founder of Gokhshtein Media, and he has also been a former Congress Candidate. He recently tweeted that he does not agree with the speculative price projection for Bitcoin to reach $1 million. As per him, a more plausible Bitcoin price projection is a modest $250K.

He further exclaimed that the relatively smaller price projection is going to work great for his portfolio. He has told his followers on Twitter that he holds large amounts of XRP, DOGE, and Shiba Inu tokens. He has also kept big cryptocurrencies in his portfolios such as Bitcoin and Ethereum.

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