For the past three months, James Gorman, Chairman and CEO of American multinational investment management and financial services company Morgan Stanley, has been sharing his thoughts on crypto.
“What I’ve been worried about the last few years is the number of people who’ve been speculating in crypto, but, you know, it’s fine if bought at $600 and it’s at $20,000… Listen, I think it’s an asset. It’s a speculative asset by definition. I don’t think it’s a new form of stored value. I think it’s subject to a lot of regulatory risk.
“I wish I bought it at $600, but I’m glad I didn’t buy it at $60,000… I’ve seen a lot of individual investors get caught up in the hype. We’ve seen this before — dot-com. We saw this in the early 90s and 87 with the Black Monday crash and so on. My worry for that group is ‘listen, your job is not to speculate’. It’s to build long-term wealth with stability.
“The very wealthy are completely different. They could put one percent of their money on anything. They could put it on race horses, put it on crypto, put it on whatever they like; that’s fine. That’s no risk because they can afford to lose it. So, completely different folk.“
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