Former Morgan Stanley CEO John Mack on Cryptocurrency

• John Mack, has acknowledged that he still possesses bitcoin.
• According to Mack, the financial system will increasingly rely on the digital realm.

John Mack, a former CEO of Morgan Stanley, discussed cryptocurrencies in an interview. From June 2005 to January 2010, Mack served as the global investment bank’s chief executive. 

The former Morgan Stanley executive also talked about whether Wall Street will eventually be all digital. “You’ve got to make sure it’s insulated, protected, and no one can break into it,” the former Morgan Stanley executive advised. In fifty years, he predicts that everything will be much more computerized and run more and more by human input on how to trade, how to take risks, and how to make sure they stay within their bounds.

Mack stated :

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.

Mack Has Long Invested in Crypto

According to Mack, he has also made investments in a few hedge funds that have cryptocurrency exposure. He continued by mentioning certain outright holdings in cryptocurrencies that his family office also possesses. Morgan Stanley analysts forecast that Bitcoin might decline by over 50% from its all-time high earlier this year, using $28,000 as the floor price.

He stated to Bloomberg in July 2017 when talking about his investment in the cryptocurrency firm Omega One, he has been watching and investing in the cryptocurrency business for several years. He remarked about Omega One at the time, calling it a critical next step in the emergence of this new economy that makes crypto assets more affordable and accessible.