Former Morgan Stanley CEO Believes Crypto Could Power Monetary Deals
Former
Morgan Stanley CEO John Mack has confirmed that he still owns bitcoin. While
admitting that it is hard for him to understand why crypto has value, the
former executive believes that 50 years from now, crypto could be "a huge
way that monetary transactions take place."
Former Morgan Stanley CEO John Mack on Bitcoin and Crypto
In
an interview with CNBC on Thursday, former Morgan Stanley CEO John Mack talked
about bitcoin and cryptocurrency. From June 2005 to January 2010, Mack was the
CEO of the global investment bank.
Responding
to a question about whether he currently owns bitcoin, he confirmed, "I
do. Yes." He further shared:
"Through
my family office, we have some outright positions in crypto."
The
former Morgan Stanley executive also discussed whether Wall Street will become
completely digitized in the future. "I don’t think it goes away, but I
think it changes dramatically," he said. "Take crypto. It’s hard for
me to understand why it has value," Mack continued, adding:
"Fifty
years from now, maybe that will be a huge way that monetary transactions take
place. It’s easy to wire up. You don’t have to worry about putting money in a
bank. It’s on a computer. "
The
former Morgan Stanley executive opined, "You've got to make sure it’s
insulated, protected, and no one can break into it. Fifty years from now, I
think things will be even more electronic and driven more and more by input
from humans in the computers on how to trade, how to take risks, and make sure
they don’t go over their limits. "
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 been
watching and investing in the cryptocurrency market over the last several
years." Regarding Omega One, he said at the time that he finds the company
"to be an important next step in the emergence of this new economy...
making crypto assets cheaper and easier to access."
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