©Reuters
Investing.com – Buying bitcoin is speculation, last spring’s bank failures weren’t very serious and there probably won’t be a recession, says executive chairman of Morgan Stanley (NYSE:).
“I never really understood the value of as a form of stored value,” said James Gorman, who left his post as CEO of the investment bank on New Year’s Day after 14 years on the job.
“I joked once that I wish I had bought it for $60 and I’m glad I didn’t buy it for $60,000,” Mr. Gorman continued. “For high net worth individuals, bitcoin should only play a very limited role in their financial structure because it is very speculative, very volatile and, once again, it is undergoing enormous regulatory changes and disruption in the industry – we’ve seen some classic failures lately.”
Crypto has been disrupted by regulatory action and numerous scandals in recent years, including the spectacular fall of FTX and Sam Bankman-Fried.
“Look, bitcoin is not going away, it’s not a fad,” Mr. Gorman said. “I don’t think it’s a core investment. I think it’s a speculative asset where there’s a lot of choice.”
Bitcoin has been on an upward trend again for several months and could benefit from lower interest rates this year.