• Fri, 19 Jul 2019, 04:35 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Morgan Stanley CEO dismissive of Facebook Libra but considers 28 partners threatening

Morgan Stanley.Alan Wu/Flickr

Sat, 29 Jun 2019, 04:28 am UTC

When it comes to Facebook Libra, the reactions have ranged from excited to alarmed. In the case of Morgan Stanley CEO James Gorman, however, his outlook is a bit more dismissive than most. He basically does not think that Libra is that much of a threat but he does view the 28 major corporate partners of the social network to be worrying.

The financial magnate made his views known in a recent interview with CNBC and he did not pull any punches. He has basically kept his well-known stance of being against the crypto market and Facebook Libra is no exception. Bitcoin supporter Brian Kelly was also in the room.

"Personally, I am not that excited about new exchanges for currencies or new forms of cryptocurrency. I've said this many times, and may be proven dead wrong about this. I don't get it or see the need for another form of stored value. We have currencies and precious metals and reserve notes. Apparently, there's a need there, right? But the fact that we are not in that doesn't bother me at all," Gorman said.

On the matter of the long list of influential partners that Facebook has managed to compile in order to give Libra quite the edge, however, Gorman showed signs of being unnerved. He was certainly candid enough about his concerns regarding the matter.

“I would be slightly worried if anyone had 28 partners, I mean that is quite a lot. It still does not look like a focused initiative for me though,” the Morgan Stanley CEO said.

In response to Gorman’s glib attitude towards cryptocurrency, Kelly noted why institutions like Morgan Stanley would be against the new industry. He basically attributed it to traditional financial institutions becoming threatened by the new market in their belief that cryptocurrency could be the end of them.

“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 explained.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,383.80 (-0.90%)
  • Ethereum (ETH) $218.36 (-2.67%)
  • XRP (XRP) $0.316200 (-2.16%)
  • Litecoin (LTC) $96.44 (-3.63%)
  • Bitcoin Cash (BCH) $300.03 (-4.58%)
  • Bitcoin (BTC) $10,383.80 (-0.90%)
Jul 19, 2019 (Friday)
11:17
Crypto Technicals: XRP/USD grinds lower along 200H SMA, break below 5-DMA to see further weakness
11:12
Binance Jersey announces listing of GBP-backed stablecoin ‘BGBP’
10:32
Rape and sexual harassment case against bitcoin developer blows up
10:15
New Jersey accuses blockchain firm Pocketinns of selling $410K unregistered securities
09:59
Crypto Technicals: LTC/USD struggles at 110-EMA, bias bearish
09:58
Blockchain firm Algorand joins International Swaps and Derivatives Association
09:22
Neo, Ontology partner to develop blockchain interoperability protocol
07:35
Consumer advocates call on Libra partners to withdraw collectively from Facebook's crypto project
07:31
Apple's Steve Wozniak invests in blockchain-based energy efficiency firm 'Efforce' in Malta
07:28
Cryptocurrency exchange ErisX joins U.S. Chamber of Digital Commerce
07:26
LibertyX exceeds 1,000 bitcoin ATMs in the U.S. via new partnership
06:59
Blockchain interest dropping, DLT in trouble?
06:37
Waves founder launches Waves Enterprise to develop corporate blockchain solutions
06:03
IRS goes after cryptocurrency users misreporting transactions
05:05
Facebook's Libra, other cryptocurrencies pose risk of global economic destabilization: G7
04:42
Anchorage receives charter to open crypto custody shop in South Dakota
04:27
Bank of Thailand's DLT-focused Project Inthanon advances to Phase III
Jul 18, 2019 (Thursday)
11:52
MOBI launches first vehicle identity standard on blockchain
11:49
FATF approves Japan’s plan to establish global network for crypto payments: Report
11:13
Crypto Technicals: ETH/EUR downside pauses shy of 200-DMA, bullish divergence on intrday charts keeps scope for upside
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft