The former top executive of banking giant Morgan Stanley says that the technology behind crypto assets could revolutionize the current financial system.
In a new interview on CNBC’s Squawk Box, former Morgan Stanley CEO John Mack says that in about 50 years, monetary transactions and asset trading will take place digitally on blockchains as life becomes increasingly more reliant on computers.
“I don’t think the [financial system] goes away, but I think it changes dramatically. Take crypto. For me, it’s hard to understand why it has value.
Fifty years from now, maybe [digital assets] will be a huge way that monetary transactions take place. It’s easy to wire. You don’t have to worry about putting it into a bank. It’s all on a computer. You got to make sure it’s insulated, protected, and no one can break into it.
But 50 years from now, I think things will be even more electronic and drive more and more by input from humans into computers on how to trade, how to take risks and make sure they don’t go over their limits.”
Mack goes on to note that he has invested in digital assets, including the leading cryptocurrency by market cap, Bitcoin (BTC).
He also says he’s made investments into cryptocurrencies through startups, funds, as well as through his own family office.
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