Morgan Stanley chairman and CEO James Gorman has said that bitcoin is "punching above its weight," according to a news report.
Speaking to CNBC this morning, however, Gorman further said that the cryptocurrency "doesn't deserve the attention it's getting," arguing:
"Something that goes up 700 percent in a year – it's by definition speculative. So anybody who thinks they're buying something that it's a stable investment is deluding themselves."
The financial firm's chief also spoke about ambiguities surrounding bitcoin, including whether it is a needed as a new form of stored value or not. "I'm not so sure," Gorman said.
However, maintaining his previous stance on bitcoin, in which he said it is "more than just a fad," Gorman said believes that growing acceptance and usability means the cryptocurrency is "not going away overnight."
James Gorman image via World Economic Forum/Remy Steinegger/Flickr