Morgan Stanley Executive Chair – James Gorman has called Bitcoin a speculative asset. Yet he believes it isn’t a fad and is not going away.

It’s been 15 years since the first Bitcoin block was mined. However, the flagship crypto asset has now gained increased attention from traditional finance players due to the applications of spot Bitcoin exchange-traded funds (ETFs).

“I Never Understood Bitcoin as a Store of Value” – Morgan Stanley Chair

James Gorman, who is one of the most popular figures in the world of finance, says that he does not understand how Bitcoin is a store of value. He told Bloomberg:

“I joked once, I wish I bought it at $60 and I am glad I didn’t buy it at $60,000. Its clearly speculative.”

Despite that, Gorman believes that Bitcoin is not going away. He said:

“Bitcoin is not going away. It’s not a fad. I just don’t think it’s a core investment. I think it’s a a speculative asset of which there are plenty of choices.”

Read more: Simplifying the Bitcoin Whitepaper: A Comprehensive Guide

Will Spot Bitcoin ETF Bring a Secular Demand?

According to Gorman, Bitcoin should play a very small role in wealthy people’s financial fabric due to its volatile nature. However, other experts are inclined to believe that a spot Bitcoin ETF will generate significant demand from institutional and high-net-worth investors.

Hassan Ahmed, the Country Director for Singapore at Coinbase, told CNBC:

“This spot Bitcoin ETF (exchange-traded fund) for the US marke

Go to Source to See Full Article
Author: Harsh Notariya

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details