Skip to content

Ex-Morgan Stanley CEO admits crypto could be ‘a huge way’ powering monetary transactions

Ex-Morgan Stanley CEO admits crypto could be ‘a huge way' powering monetary transactions

As the cryptocurrency sector matures, there remains uncertainties regarding how the industry will evolve and integrate into the traditional financial space. Notably, a section of leading Wall Street personalities believe digital assets have a future in the monetary system. 

In particular, former Morgan Stanley (NYSE: MS) CEO John Mack has acknowledged that in the coming decades, cryptocurrencies will be “a huge way that monetary transactions take place,” he said during an interview with CNBC on October 13. 

According to Mack, digital assets come with several benefits over the traditional financial sector, noting that cryptocurrencies will play a key role in digitizing the economy. 

“Take crypto, it’s hard for me to understand why it has value. 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,” he said. 

An electronic future 

At the same time, Mack highlighted some of the key elements to power a digital economy that people will be looking out for. According to Mack: 

“You 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.”

Crypto investments 

Furthermore, Mack revealed that he still owns Bitcoin (BTC) despite the ongoing market correction that has seen the flagship cryptocurrency correct by over 70% from its all-time high of almost $69,000 in late 2021. 

Mack added that he has also invested in some hedge funds that have exposure to cryptocurrencies, while his family office has some positions in digital assets. 

Notably, the former executive has invested in digital assets for a long time through crypto startup Omega One. 

Watch the full interview below:

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

 

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.