{"id":13867,"date":"2021-10-14T19:12:29","date_gmt":"2021-10-14T19:12:29","guid":{"rendered":"http:\/\/ci028fb397a0002478"},"modified":"2021-10-14T19:12:29","modified_gmt":"2021-10-14T19:12:29","slug":"bitcoin-is-not-going-away-says-morgan-stanley-ceo","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/markets\/bitcoin-is-not-going-away-says-morgan-stanley-ceo","title":{"rendered":"Morgan Stanley CEO: Bitcoin Is Not Going Away"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><ul>\n<li>Bitcoin is not a fad and is not going away, said Morgan Stanley chief executive officer James Gorman.<\/li>\n<li>Gorman hence refutes JPMorgan CEO Jamie Dimon&#8217;s recent remarks that, in his opinion, &#8220;Bitcoin is worthless.&#8221;<\/li>\n<li>But the Morgan Stanley head fails to realize that Bitcoin is the true innovation, not blockchain.<\/li>\n<\/ul>\n<p>Morgan Stanley chief executive officer James Gorman has a neutral-to-positive view on Bitcoin and cryptocurrencies, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-10-14\/morgan-stanley-ceo-james-gorman-i-don-t-think-crypto-is-a-fad?srnd=cryptocurrencies\" target=\"_blank\" rel=\"noopener\"><em>Bloomberg<\/em><\/a> reported.<\/p>\n<p>Gorman realizes that Bitcoin will not die, contrary to JPMorgan CEO Jamie Dimon, who recently <a href=\"https:\/\/bitcoinmagazine.com\/business\/jpmorgan-ceo-jamie-dimon-bitcoin-fools-gold\">reiterated<\/a> his past skepticism of BTC. &#8220;It&#8217;s got no intrinsic value. And regulators are going to regulate the hell out of it,&#8221; Dimon said.<\/p>\n<p>&#8220;I don&#8217;t think crypto is a fad. I don&#8217;t think it&#8217;s going to go away,&#8221; Gorman said on the bank&#8217;s third-quarter earnings call with analysts Thursday morning. &#8220;I don&#8217;t know what the value of Bitcoin should or shouldn&#8217;t be. But these things aren&#8217;t going away, and the blockchain technology supporting it is obviously very real and powerful.&#8221;<\/p>\n<p>Like other executives in his line of business, Gorman believes in the fallacious argument &#8220;blockchain, not Bitcoin.&#8221;<\/p>\n<p>Contrary to <a href=\"https:\/\/www.unicef.org\/innovation\/blockchain\" target=\"_blank\" rel=\"noopener\">common assumptions<\/a>, blockchain technology is not the ground-breaking innovation that Satoshi Nakamoto brought to the world. Without bitcoin, the currency, blockchain is rendered useless. As Parker Lewis articulates, the innovation is <a href=\"https:\/\/unchained-capital.com\/blog\/bitcoin-not-blockchain\/\" target=\"_blank\" rel=\"noopener\">Bitcoin, not blockchain<\/a>.<\/p>\n<p>&#8220;Ultimately, a blockchain is only useful in the application of money because it is dependent on a native currency for security,&#8221; Lewis wrote. &#8220;Bitcoin represents the most secure blockchain by orders of magnitude. Because all other blockchains are competing for the same fundamental use case of money and because bitcoin&#8217;s network effects only continue to increase its security and liquidity advantage over the field, no other digital currency can compete with bitcoin.<\/p>\n<p>Liquidity begets liquidity and monetary systems tend to one medium as a derivative function. Bitcoin&#8217;s security and liquidity obsoleted any other cryptocurrencies before they left the proverbial gates.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>James Gorman shared his thoughts on Bitcoin today in a call, saying that the digital currency is not going away.<\/p>\n","protected":false},"author":2572,"featured_media":13868,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[378],"class_list":["post-13867","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-morgan-stanley"],"author_data":{"id":2572,"name":"Namcios","nicename":"namcios","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/pfp-96x96.png"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/29-gorman-jp-4-superjumbo.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/13867","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2572"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=13867"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/13867\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/13868"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=13867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=13867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=13867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}