Former Morgan Stanley CEO: Crypto Could Become ‘a Huge Way’ That Monetary Transactions Take Place

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 talked about bitcoin and cryptocurrency in an interview with CNBC Thursday. Mack was the CEO of the global investment bank from June 2005 to January 2010.

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. You don’t have to worry about putting in a bank. It’s on a computer.

The former Morgan Stanley executive opined: “You gotta 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.”

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