Ex-Morgan Stanley CEO says bitcoin may fuel financial transactions in “a tremendous manner”
As the cryptocurrency market grows, there are still unanswered questions surrounding the industry’s future development and integration with the conventional financial system. Notably, a subset of prominent Wall Street figures feels that digital assets have a future in the financial system.
During an October 13 interview with CNBC, former Morgan Stanley (NYSE: MS) CEO John Mack admitted that cryptocurrencies would play a significant role in financial transactions in the next decades.
According to Mack, digital assets have a number of advantages over the old financial industry, and cryptocurrencies will play a crucial part in the digital transformation of the economy.
It’s puzzling to me why the cryptocurrency is worth anything at all. Perhaps fifty years from now, this will be the predominant method of doing financial transactions. It is simple to wire. You should not worry about placing money in a bank. “It is stored on a computer,” he replied.
At the same time, Mack highlighted some of the fundamental ingredients that would be sought to fuel a digital economy. As stated by Mack:
“You need to ensure that it is secure and impenetrable. In fifty years, I believe things will be much more electronic and more driven by human input into computers on how to trade, take risks, and ensure they don’t exceed their bounds.”
In addition, Mack said that he still has Bitcoin (BTC) despite the recent market correction that has seen the leading cryptocurrency decline by over 70% from its all-time high of about $69,000 in late 2021.
Mack said that he has also invested in hedge funds with exposure to cryptocurrencies and that his family firm has some digital asset investments. Notably, the former boss has long invested in digital assets via the cryptocurrency company Omega One.