“More Than Just a Fad”: Morgan Stanley Backing Cryptocurrencies

While responding to a reporter in September this year, James Gorman, CEO of Morgan Stanley said that the concept of bitcoin is “more than just a fad.” He said that the anonymity feature of cryptocurrencies is compelling. He has not invested in the cryptocurrencies but said he has talked to many who have. During the event, he said that, “It's obviously highly speculative but it's not something that's inherently bad. It's a natural consequence of the whole blockchain technology.”

This positive insight by the CEO of Wall Street’s biggest banks will increase the number of parties interested in investing in cryptocurrencies.

The International Monetary Fund’s head, Christine Lagarde addressed the World’s bankers in September saying that digital currencies may be the currencies to watch and financial institutions should be on the lookout. She mentioned the risk that comes with it, but her prior statement has significant implications for the whole cryptocurrency industry.

JPMorgan Chase CEO’s Contradicting Outlook

JPMorgan Chase CEO Jamie Dimon in the same month made a comment about bitcoin terming it as a “fraud” . According to CNBC, he said “It is worse than tulip bulbs. It won’t end well. Someone is going to get killed.”
Bitcoin then fell to trade around its session lows after his comments went viral.

Regulatory Developments Around BTC in The US and Globally

According to Bloomberg, Gorman brought out the concern of future regulatory developments around cryptocurrencies. He wondered when regulators would want to exert control on the flow of cryptocurrencies.

Some of the States in the US have strict rules on cryptocurrency while others are more lenient when it comes to such regulations.

According to NewsBtc, globally, around 13 countries have imposed their own rules or announced their intention to do so. Countries such as Bolivia and Ecuador have set outright bans. The President of Russia has recently commented on the issue and says that the cryptocurrency now poses a great risk to the state such as money laundering and tax evasion.

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