Actually It's not Morgan, it's Jamie Dimon who told that BTC is a fraud.
If something completely new ever catches everyone's eye, there will always be some people against it, Jamie Dimon was one of them. I can remember the bullshit statement of Jamie Dimon, CEO of "JPMorgan Chase and Co", who said that BTC is a fraud. But the hilarious thing is that JPMorgan's attempt to build their own web cash in 2013 and claimed that they will make Bitcoin's alternative, but they were rejected and failed to launch their web cash. 
it's looks like "grapes are sour"