Leading cryptocurrency Bitcoin fell sharply yesterday following rumors of spot Bitcoin ETF disapproval.
However, while BTC recovered afterwards and continued to trade around $ 43,000, a Bitcoin comment came from US investment banking giant Morgan Stanley.
Speaking to Bloomberg at this point, James Gorman, chairman of the board of investment banking giant Morgan Stanley, expressed his doubts about the role of Bitcoin as an investment tool.
Gorman, who also thinks that Bitcoin is speculative and draws attention to its speculative nature, said that he never understood the value of BTC as a store of value and said, “I never thought about buying it when it was at $ 60, and I am grateful that I did not buy it.”
Underlining the risks inherent in Bitcoin, including high volatility and regulatory uncertainty, Gorman stated that he took a cautious stance on BTC and cryptocurrency investment and said:
“I think Bitcoin should have a very small place in rich people's portfolios because Bitcoin is very speculative and very unstable.
Likewise, there is a huge regulatory gap for Bitcoin.”
Despite these thoughts, Gorman says that he believes Bitcoin will not disappear and is not a temporary fad, but Bitcoin is not a basic investment tool.
*This is not investment advice.