Crypto could become “a huge medium” for monetary transactions to take place – Featured Bitcoin News

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Former Morgan Stanley CEO John Mack has confirmed that he still owns bitcoins. While admitting he finds it difficult to understand why crypto has value, the former executive believes that in 50 years crypto could be “a huge medium for monetary transactions.”

Former Morgan Stanley CEO John Mack on Bitcoin and Crypto

Former Morgan Stanley CEO John Mack spoke about bitcoin and cryptocurrency in an interview with CNBC on Thursday. Mack served as CEO of the global investment bank from June 2005 to January 2010.

Responding to a question about whether he currently owns bitcoin, he confirmed, “Yes. Yes.” He further shared:

Through my family office, we have outright positions in crypto.

The former Morgan Stanley executive also discussed whether Wall Street will become completely digital in the future. “I don’t think it’s going away, but I think it’s changing dramatically,” he said. “Take crypto, it’s hard for me to understand why it has value,” Mack continued, adding:

In fifty years, it may be a huge medium for monetary transactions. It’s easy to wire up. You don’t have to worry about putting in a bank. It’s on a computer.

The former Morgan Stanley executive said: “You have to make sure it’s isolated, protected and that no one can get in there. Fifty years from now I think things will be even more electronic and increasingly driven by input from humans in computers on how to trade, how to take risks and how to make sure they don’t overstep their bounds .

Mack has been investing in crypto for many years. In July 2017, he told Bloomberg while discussing his investment in crypto startup Omega One, “I have observed and invested in the cryptocurrency market for the past few years.” Regarding Omega One, he said at the time that he found the company “to be an important next step in the emergence of this new economy…making crypto assets cheaper and easier to trade. access”.

What do you think of former Morgan Stanley CEO John Mack’s comments? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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