Crypto Could Become ‘a Huge Way’ That Monetary Transactions Take Place – Featured Bitcoin News

Former Morgan Stanley CEO John Mack has confirmed that he still owns bitcoin. While admitting that it is difficult for him to understand why cryptocurrencies are valuable, the former executive believes that 50 years from now, crypto could be “a great way for transactions to take place.” money takes place”.

Former Morgan Stanley CEO John Mack on Bitcoin and Cryptocurrency

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

In response to a question about whether he currently owns bitcoin, he confirmed: “I do. Right.” He added:

Through my family office, we have several positions entirely in crypto.

The former Morgan Stanley executive also discussed whether Wall Street will become fully digital in the future. “I don’t think it’s gone but I think it’s changed dramatically,” he said. “Let’s use crypto, it’s hard for me to see why it’s valuable,” Mack continued, adding:

Fifty years from now that will probably be a huge way that currency transactions take place. It is very easy to wire. You don’t have to worry about depositing in the bank. It’s on the computer.

“You have to make sure it’s insulated, protected, and nobody can break into it,” said the former Morgan Stanley executive. Fifty years from now, I think everything will be even more electronic and increasingly driven by human input in computers about how to trade, how to take risks and make sure they don’t go too far. their limits. “

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

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

Kevin Helms

An Austrian Economics student, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

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