Investment bank Morgan Stanley has hired a crypto advocate and 12-year veteran of Credit Suisse as its new head of digital asset markets.
According to cointelegraph, Andrew Peel, the new appointee is a self-described crypto expert with more than 10 years of experience working with Credit Suisse, the last 3 years of which he spent as the vice president of sales and trading innovation where he was involved in the “subject matter expert for Bitcoin and cryptocurrencies.”
Crypto watchers see Peel’s appointment as further proof that the so-called institutional investors are eventually warming up to cryptocurrency and the underlying blockchain technology after years of giving it a cold shoulder.
Wall Street in particular has been very outspoken in its dismissal of cryptocurrencies with JPMorgan CEO Jamie Dimon describing Bitcoin in 2017 as a “fraud” that is “worse than tulip bulbs,” while Credit Suisse CEO Tidjane Thiam’s characterized Bitcoin is “the very definition of a bubble.”
Morgan Stanley, has however been one of a few Wall Street firms that have choosen to adopt a benign view of bitcoin. In December 2017, it debuted on the CBOE and in January 2018 it began clearing Bitcoin futures for its clients.
Morgan Stanley’s CEO James Gorman has expressed the view that bitcoin is “highly speculative,” but he also concedes that the privacy it offers is an “interesting” challenge to the central banking system.