[2017-11-17]Bitcoin is “By Definition Speculative”, Says Morgan Stanley CEO

[didiksky]

Morgan Stanley chairman and CEO James Gorman has claimed that bitcoin “doesn’t quite deserve the attention it is getting”, at a time when the cryptocurrency is nearing its all-time highs.

In an interview with CNBC this morning, Gorman opined that bitcoin “is punching above its weight” while insisting that speculation is the cause behind the cryptocurrency’s gains this year.

When asked if bitcoin wasn’t a “speculative bubble”, he stated:

Something that goes up 700% in a year – it’s by definition speculative. So anybody who thinks they’re buying something that’s a stable investment is deluding themselves. It might go up another 700% but it could easily not. So bitcoin is by definition speculative.

His remarks today carried over from previous statements in September when the banker called bitcoin a “fascinating development” that’s inherently “more than just a fad.” Gorman doubled down on that stance today and acknowledged that both “acceptance” and “usability” of the cryptocurrency is growing. “Clearly, it isn’t going away,” he said.
“Is it a needed new form of storage value? I’m not so sure,” he continued, hinting that regulators and central banks may not adopt a hands-off approach in the long run.

In his previous remarks, Gorman revealed he wasn’t invested in bitcoin personally. Asked if bitcoin should be ruled “illegal”, the influential Wall Street banker said: “No, I don’t.”

Gorman joins a cadre of other bankers and financial figures who have been asked about bitcoin in a year where the decentralized cryptocurrency has firmly permeated into the mainstream and society as a store of value among retail investors. Earlier this month, Societe Generale deputy CEO Severin Cabannes said bitcoin is “very clearly” in a bubble while Credit Suisse CEO Tidjane Thiam stated bitcoin is “the very definition of a bubble.” Asked about bitcoin’s price gains this year, legendary investor Warren Buffet said there’s a “real bubble in that sort of thing.” The most infamous quote of all is left to JP Morgan Chase CEO Jamie Dimon, who said bitcoin is “a fraud.”
link:https://www.cryptocoinsnews.com/bitcoin-definition-speculative-says-morgan-stanley-ceo/

[cpfreeplz]

Oh dear. The regulators are coming. When they come to my door asking for pay private key should I give it to them? Hahahaha maybe they should worry about regulating air first. This decentralized air bullshit isn't making the government any money. What kind of BS is that? And free sunshine? That should be $5 an hour to have the luxury of being outside in the sun.

[iamTom123]

I can sense a feeling of desperation for these executives while looking at Bitcoin...they hope they can be right and it would soon pop but fortunately Bitcoin is defying all odds. These are the people who are part of an industry that's about to be disrupted by Bitcoin and they are afraid of the future when Bitcoin would be reigning supreme.

However, they are correct, speculations are part and parcel of why Bitcoin keeps on pushing up and up even if there are still so many inherent problems within itself. However, unlike the other bubbles in the past, Bitcoin has a fixed supply and not even gold can claim the same status. 

These executives are somewhat confused on how to treat Bitcoin and in this regard Satoshi Nakamoto is very successful as Bitcoin is stirring the whole glass of water. Am sure they could not decide whether to join the Bitcoin bandwagon or just continue on watching in the other side of the fence while salivating of the potential profits they could make if they are part of the club.

Oh well, this is Wall Street, ladies and gentlemen!

[Haiduongbg]

I can sense a feeling of desperation for these executives while looking at Bitcoin...they hope they can be right and it would soon pop but fortunately Bitcoin is defying all odds. These are the people who are part of an industry that's about to be disrupted by Bitcoin and they are afraid of the future when Bitcoin would be reigning supreme.

However, they are correct, speculations are part and parcel of why Bitcoin keeps on pushing up and up even if there are still so many inherent problems within itself. However, unlike the other bubbles in the past, Bitcoin has a fixed supply and not even gold can claim the same status. 

These executives are somewhat confused on how to treat Bitcoin and in this regard Satoshi Nakamoto is very successful as Bitcoin is stirring the whole glass of water. Am sure they could not decide whether to join the Bitcoin bandwagon or just continue on watching in the other side of the fence while salivating of the potential profits they could make if they are part of the club.

Oh well, this is Wall Street, ladies and gentlemen!

Bitcoin is a new kind of investment that's against the norms of traditional investments. The banks and big funds will soon realize that they have to follow the trend, not go against it. Bitcoin is a good way to diversify the investment porfolio though.

[Kemarit]

Doesn't surprise me at all. They are really coming at our doors. LOL. But bitcoin can't be stopped now, not today. People have already invested a lot of money on it and it gaining popularity everyday. Those bankers are really afraid that one day bitcoin will take over which is very likely so they really saying stuff about bitcoin that could swayed people not to get them. But again, the more they open their mouth, the more people are interested to own bitcoin which they have bashing for the last couple of months now. Thanks to them. And yes, we understand that bitcoin is purely base on speculation. Its how the individual handle the risk.