Kevin Helms
A student of Austrian economics, 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 finance and cryptography.
Crypto Could Become ‘A Huge Way’ Money Transactions Can Take Place – Featured Bitcoin News
Former Morgan Stanley CEO John Mack has confirmed that he still owns bitcoin. While he admits that it’s hard for him to understand why crypto has value, the former executive believes that 50 years from now, crypto could be “a huge way money transactions take place.”
Former Morgan Stanley CEO John Mack on Bitcoin and Crypto
Former Morgan Stanley CEO John Mack talked about bitcoin and cryptocurrency in an interview with CNBC on Thursday. Mack was 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. Yes.” He further shared:
Through my family office we have some direct positions in crypto.
The former Morgan Stanley boss also discussed whether Wall Street will be fully digitized in the future. “I don’t think it’s going away, but I think it’s changing dramatically,” he said. “Take crypto, it’s hard for me to understand why it has value,” Mack continued, adding:
Fifty years from now there will perhaps be an enormous way money transactions can take place. It’s easy to connect. You don’t have to worry about putting in a bank. It’s on a computer.
The former Morgan Stanley executive said: “You have to make sure it’s isolated, protected and nobody can break into it. In fifty years, I think things will be even more electronic and driven more and more by input from people in computers about 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’ve been following and investing in the cryptocurrency market for the past few years.” As for Omega One, he said at the time that he thinks the company is “an important next step in the emergence of this new economy … making cryptoassets cheaper and more accessible.”
What do you think of former Morgan Stanley CEO John Mack’s comments? Let us know in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
