James Gorman from Morgan Stanley dismisses Facebook Libra

The crypto markets have witnessed steep rises and sharp falls, and Bitcoin has been the talk of the town off late, stealing all of the financial spotlights. With the market condition that we’re currently witnessing, analysts are divided as to how where to place their predictions of Bitcoin’s financial dominance. While some are willing to throw their full support on the blooming currency, others bet against its widely predicted future dominance.

James Gorman, the head of esteemed investment banking firm Morgan Stanley, laid out his thoughts on the current predicament of the financial markets, including Facebook’s upcoming Libra coin. Gorman believes that the digital currency sector has a long haul ahead of it, and there is quite a bit of time before cryptocurrencies reach the same standards of financial acceptance as cash and cards have today.

Gorman did, however, state his concern about the powerful corporate leverage that Facebook had mustered for its Libra initiative. A long list of esteemed names in the corporate space has partnered with Facebook for the launch of this initiative, including credit card major MasterCard.

Meanwhile, those in support of cryptocurrencies countered Gorman’s opinions, which seemed to primarily rest on crypto assets accruing the support of large-scale corporate entities. Brain Kelly, a Bitcoin analyst for leading media outlet CNBC, believes that Morgan Stanley’s representatives’ anti-crypto attitudes were the product of a financial tussle between established financial spaces and emerging ones such as Bitcoin.

Not looking to mince words, Kelly spelt out his thoughts in a blunt comment:

“Gorman is the head of the Morgan Stanley, of course, they would bet against Bitcoin. I am here making the other side of the bet. Bitcoin is not going to put companies like Morgan Stanley out of business, but they will definitely be disrupted.”

Kelly highlighted that most of the established financial elite had, over time, shifted their views on cryptocurrency to adopt a more broad-minded and positive stance.