John Mack, a former CEO of Morgan Stanley, discussed bitcoin and cryptocurrencies in an interview with CNBC on Thursday. From June 2005 to January 2010, Mack served as the global investment bank’s chief executive.
We have some outright investments in cryptocurrency through my family office.
When asked if he now owned any bitcoin, he replied, “Yes, I do. Yes.” He continued, saying:
The former Morgan Stanley executive also talked about whether Wall Street will eventually be all digital. He declared, “I don’t think it disappears, but I think it substantially changes. Take cryptocurrency, for example. I find it difficult to see why it is valuable, Mack added.
“You need make sure it’s insulated, protected, and no one can break into it,” the former Morgan Stanley executive advised. In fifty years, I predict that everything will be increasingly more computerised and run more and more by input from people giving computers instructions on how to trade, how to take risks, and how to stay within their bounds.
Perhaps that will play a significant role in how money is transacted in fifty years. It is simple to wire. You don’t need to be concerned about establishing a bank. On a computer, that is.
Mack has long invested in cryptocurrencies. He said to Bloomberg in July 2017: “I have been watching and investing in the cryptocurrency business over the last several years.” He was speaking about his investment in cryptocurrency firm Omega One. He remarked about Omega One at the time, calling it “an critical next step in the emergence of this new economy” that makes crypto assets more affordable and accessible.
News Summary:
- Cryptocurrency Transactions Could Become “a Huge Way” In The Future
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