Bitcoin has rebounded from the lows hit in the wake of Jamie Dimon comments, surging after Morgan Stanley’s CEO said the currency was “more than just a fad”.

James Gorman, CEO of the Wall Street bank, said the cryptocurrency has “compelling” privacy features. He continued:

“The concept of anonymous currency is a very interesting concept – interesting for the privacy protections it gives people, interesting because what it says to the central banking system about controlling that.”

His comments contrast with those of JP Morgan CEO Jamie Dimon, who said the currency was only good for thieves and drug dealers. Bitcoin took a hit in the wake of his comments, which hit the news at the beginning of this month, but has since rebounded.

The currency is now up on the day to above $4,200.