John Mackformer CEO of the American investment bank Morgan Stanleysuggested that Bitcoin (BTC), and cryptocurrencies more generally, could be permanent elements in the digital trading universe, something many of us could witness.
Speaking in an interview with CNBC that Wall Street’s digitization is inevitable, Mack said replied that while Wall Street is unlikely to disappear, its face will change “radically” in the future.
“Get the encryption. I struggle to understand why it has value,” he said before adding:
“But in 50 years, it might be the preferred way to transact money.”
Cryptocurrencies are easy to transfer, Mack acknowledged. Since everything is done online, people don’t have to worry about putting their money in the bank, although basic precautions should be taken: “You need to make sure your assets are protected and no one has access to them,” he said.
He went on to suggest that, very soon, cryptocurrencies and digitization in the trading world could go mainstream and become the norm.
“In fifty years I think that trading, risk taking and compliance with certain limits in the conduct of operations will be defined automatically thanks to the data and information entered by users”.
Mack has been a cryptocurrency investor for quite some time now. Asked if he still owns bitcoin, he replied: “Yes”. He also shared that through his management office he has taken on other positions in cryptocurrencies.
Mack is a senior advisor to the investment firm Kohlberg Kravis Roberts and previously served as CEO of Morgan Stanley from 2005 to 2010 and as Chairman of the Board of Directors from 2005 to 2012. Between 2001 and 2004 he was CEO of the Global Investment Bank Swiss credit.
You can watch the interview here:
For its part, Morgan Stanley has also dedicated itself to the game of cryptocurrencies. For example, in March 2021, the investment bank had announcement its intention to offer three bitcoin funds to its wealthiest clients.
Most recently, in October, the CEO of Morgan Stanley, James Gorman, he intruduced himself less critical As for the cryptocurrency industry compared to some of his peers: “I don’t think it’s a passing fad. I don’t think it’s going to go away,” Gorman said in a conference call on the results. “I don’t know what Bitcoin’s value should or shouldn’t be. But the sector certainly won’t evaporate into thin air,” added the CEO.
In addition, there may have been twelve institutional funds, managed by Morgan Stanley exposed to bitcoin indirectly through cash settled futures contracts or through investments in Bitcoin Trust in grayscalethe bank said in a March 31 statement.
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