• Days
  • Hours
  • Mins
  • Secs
  • Sat, 19 Oct 2019, 03:33 PM
  • All times are UTC
  • Edition:
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.
  • Bitcoin (BTC) $8,054.17 (+1.25%)
  • Ethereum (ETH) $174.77 (+0.98%)
  • XRP (XRP) $0.295000 (+1.55%)
  • Bitcoin Cash (BCH) $215.39 (+0.90%)
  • Litecoin (LTC) $54.04 (+1.05%)
  • Bitcoin (BTC) $8,054.17 (+1.25%)
Oct 18, 2019 (Friday)
Telegram’s claim “Grams will not be security once TON Blockchain launches” is insufficient, argues SEC
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
US Senator comes out in support of Facebook’s crypto, finds hostility towards Libra “puzzling”
Crypto Technicals: BCH/USD tests trendline support (209), dip till 78.6% Fib (168.35) likely
IBM, Raw Seafoods partner to digitize scallops supply chain using blockchain
India’s Reliance Industries reveals blockchain plans for Bill of Lading and Letter of Credit transactions
Crypto Technicals: Ripple (XRP) erases most of previous session's gains, retrace below cloud dents further upside
Crypto exchange Upbit operator Dunamu to launch OTC trading platform for unlisted securities
Crypto Technicals: ETH/USD fails to extend recovery, resumes weakness, 167.50 (Oct 6 low) in sight
Stablecoin initiatives highlight shortcomings in cross-border payments: G7 Working Group
Crypto Technicals: LTC/USD extends choppy trade below 21-EMA, bias bearish
Crypto Technicals: BTC/USD confined to narrow range, bias bearish below 5-DMA (8132)
Telegram calls SEC’s emergency injunction “unreasonable”, argues gram tokens are not securities
Oct 17, 2019 (Thursday)
Bermuda to develop blockchain-based national ID system with Shyft and Perseid Network
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Samsung SDS partners with Tech Mahindra and Pega to launch blockchain-based traceability solution
Telegram proposes to postpone TON blockchain project launch to April 2020, seeks investors’ consent
Crypto Technicals: TRON (TRX) resumes weakness, break below 20-DMA could see fresh multi-month lows
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.