Morgan Stanley CEO James Gorman says bitcoin is 'more than just a fad'
While speaking at a conference hosted by The Wall Street Journal, Gorman said he thought bitcoin "is certainly more than just a fad."
Still, even though Gorman sees some potential in the digital coin he has not invested in bitcoin himself.
"I've talked to a lot of people who have," Gorman said. "It's obviously highly speculative, but it's not something that's inherently bad. It's a natural consequence of the whole blockchain technology."
The remarks by Gorman come two weeks after JPMorgan CEO Jamie Dimon bashed the cryptocurrency as "a fraud, saying it was "worse than tulip bulbs."
On September 22, Dimon doubled down on his anti-bitcoin position, suggesting cryptocurrencies like bitcoin and ether "are a kind of novelty."
Bitcoin is up 322% since this year.