James Gorman from Morgan Stanley dismisses Facebook Libra

shutterstock 295848935 5bfc2eeb46e0fb00265c878e

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.

Siranjeev Santhanam

Siranjeev Santhanam

Siranjeev has been involved in content development and professional writing for over five years now. He's worked with tech firms, digital management companies and news outlets. Cryptocurrency has occupied one of his top interests for a few years now, and he's really passionate about this booming new sector.

Related News

Hot Stories

Ankr Price Prediction 2023-2031: Will the ANKR price go up?
Bitcoin, Ethereum, Filecoin, and ApeCoin Daily Price Analyses – 7 December Roundup
Telcoin Price Prediction 2023-2031: Is TEL a Good Investment?
Tezos Price Prediction 2023-2031: Is XTZ Price Going Up?
Dogelon Mars Price Prediction 2023-2031: Is ELON a Good Investment?

Follow Us

Industry News

Grayscale Investments slammed with a lawsuit as GBTC plunges
Taylor Swift's $100M partnership with troubled FTX ended prematurely: Reports
Iran plans to freeze bank accounts for women without hijab
Revealed: the top-5 token Holdings of Alameda
Warner Music Group seals deal with Polygon to release music NFTs

Add Your Heading Text Here