Breaking News
Investing Pro 0
Cyber Monday SALE: Up to 54% OFF InvestingPro+ CLAIM OFFER

Bitcoin Higher After Morgan Stanley's Gorman says Bitcoin 'more than just a fad'

Cryptocurrency Sep 27, 2017 02:14PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
MS
-1.12%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BTC/USD
+1.42%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
ETH/USD
+3.27%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
XRP/USD
+0.41%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BCH/USD
-44.11%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Investing.com – Bitcoin prices were markedly higher on Wednesday, as the popular digital sought to break out of a recent lull that has seen it trade in a narrow range.

On the U.S.-based Bitfinex exchange, bitcoin rose to $4,103.1, up $221.6, or 5.71%, as the popular digital currency bolstered its market cap to $67.6bn.

The sharp rise in Bitcoin comes amid comments from Morgan Stanley (NYSE:MS) Chief Executive Officer James Gorman who adopted a somewhat measured view on Bitcoin compared to his JP Morgan counterpart Jamie Dimon who earlier this month called it “a fraud”.

Gorman admitted that while he hasn’t invested in Bitcoin it is “certainly something more than just a fad”, adding that the underlying software supporting Bitcoin – Blockchain – is “interesting for the privacy protections it gives people”.

The Morgan Stanley chief did wonder, however, whether regulators would strengthen efforts to crackdown on bitcoin related activity to curb the digital currency's popularity among fraudsters.

China, so far, has been one of the more aggressive nations clamping down on Bitcoin related activity after it ordered domestic Bitcoin exchanges to cease trading by October’s end, sending shockwaves through the cryptocurrency industry.

That, however, has not deterred proponents of Bitcoin as the Chinese bitcoin exchange market only accounted for approximately 10-13% of global bitcoin trading activity so far this year.

Other cryptocurrencies followed Bitcoin’s move higher as Ethereum rose 3.01% to $299.70, Ripple added 10.91% to 0.21014 while Bitcoin Cash fell 8.14% to $458.32.

Bitcoin Higher After Morgan Stanley's Gorman says Bitcoin 'more than just a fad'
 

Related Articles

Dogecoin Jumps by 39% in Seven-day Cumulative Gain
Dogecoin Jumps by 39% in Seven-day Cumulative Gain By CoinEdition - Nov 29, 2022

Dogecoin has recovered to its worth in the first week of this month.The meme coin trades at $0.1027 with a seven-day cumulative gain of 39%.This week, the price of Bitcoin (BTC)...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email