John Mack, former CEO of Morgan Stanley, confirmed his ownership of 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.”
John Mack, former CEO of Morgan Stanley on Bitcoin and Crypto
John Mack, former chief executive officer of Morgan Stanley discussed bitcoin and cryptocurrency during a CNBC interview. Mack was CEO of the global bank’s investment banking division from June 2005 through January 2010.
Responding to a question about whether he currently owns bitcoin, he confirmed: “I do. Yes.” He further shared:
We have some crypto-related positions through my family office.
Former Morgan Stanley executive discussed the possibility of Wall Street becoming completely digitalized. “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:
Perhaps that fifty-year time frame will change the way monetary transactions occur. 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 involved in investing crypto since 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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