Investors have become complacent of risks, Summers says, succumbing to the kind of exuberance that preceded the 2008 crash or the dotcom collapse.

Morgan Stanley, a juggernaut in the wealth management industry, has been repeatedly ahead of its peers when it comes to crypto.

Until, of course, in 2013 the Silk Road was shut down by FBI agents and Mr Ulbricht, then 29 years old, was arrested in the ...