Key Words: Bitcoin is ‘more than just a fad,’ says Morgan Stanley chief

‘I haven’t invested in it. I’ve talked to a lot of people who have. It’s obviously highly speculative but it’s not something that’s inherently bad. It’s a natural consequence of the whole blockchain technology.’

James Gorman

Just when it seemed Wall Street’s bitcoin skepticism knew no bounds, Morgan Stanley MS, +1.29% Chief Executive James Gorman steps in to argue that the cryptocurrency phenomenon at least is “more than just a fad.”

Gorman made the remarks during a Wednesday event hosted by The Wall Street Journal, Bloomberg reported.

Gorman highlighted some of the potential attractions of a digital currency, including “the privacy protections it gives people,” adding that it is “interesting because what it says to the central banking system about controlling that.

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