Since Nakamoto launched Bitcoin a decade ago, the legacy financial system has fought it tooth and nail. Wells Fargo banned Bitcoin purchases from its credit cards mid last year. Indian and Pakistani banks are forcing their clients to declare they won’t buy Bitcoin before they open an account. In Zimbabwe, the Reserve Bank has asked banks to sever all relationships with crypto businesses. However, according to a Coinbase executive, Morgan Stanley believes Bitcoin will last the long haul.
Marcus Hughes revealed that in his interactions with top banking executives, they have revealed they don’t expect Bitcoin to be wiped out any time soon. Hughes is the lead counsel for Coinbase’ U.K operations. Before joining the crypto exchange unicorn, he used to work for Morgan Stanley. According to him, all that the crypto industry needs are good regulations for the financial giants to come rushing in.