John Mack, the former Morgan Stanley CEO, confirmed that he still owns Bitcoin. Although he admitted that he still finds it hard to understand why crypto is valuable, John Mack said that crypto could be a significant way that monetary transactions will take place 50 years from now.
Former Morgan Stanley CEO on Crypto and Bitcoin
In an interview with CNBC on Thursday, John Mack, former CEO of Morgan Stanley, talked about cryptocurrency and Bitcoin. Mack headed the global investment bank for five years and a few months, from June 2005 to January 2010.
John affirmed that he still owns Bitcoin in response to a question about if he owns the crypto platform or not, where he responded:
“I do, Yes. Look, I’m in a company called Current. A young man who started this company, I put money with him. Zoe Cruz… runs a fund, and I’m invested in her. And then, through my family office, we have some positions in crypto.”
Further into the interview, Mack discussed if Wall Street will be digitized entirely. Mack clearly said that,
“I don’t think it goes away, but it changes dramatically. Take crypto. It’s hard for me to understand why it has value,” The former Morgan Stanley and current bitcoin owner added.
He further stated that,
“Fifty years from now, maybe that will be a huge way for monetary transactions. It’s easy to wire. You don’t have to worry about putting in a bank. It’s on a computer.”
As John Mack stated,
“You gotta ensure 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.”
Mack is one of the many crypto investors. He has been investing in crypto for several years now. While discussing his crypto startup Omega One investment in July 2017, Mack told Bloomberg, “I have been watching and investing in the cryptocurrency market over the last several years and as a Venture One portfolio company.”
Concerning Omega One, Mack told Bloomberg that he finds the company “to be an important next step in the emergence of this new economy … making crypto assets cheaper and easier to access.”
About John Mack
John Mack is the former CEO of Morgan Stanley, an investment bank and brokerage company based in New York, and current senior advisor to the investment company Kohlberg Kravis Roberts was born on November 17, 1944.
John Mack worked at various companies on Wall Street before beginning his career at Morgan Stanley in 1972 as a salesperson. Mack has worked in the firm for about thirty years. Mack steadily rose to positions and increased in responsibility until he was named the firm’s president in June 1993.
However, due to a few misunderstandings, he left the firm. When he returned on June 30, 2005, he became the company’s chief executive and board chairman, a position he maintained up to September 10, 2010, when he retired.