Morgan Stanley ex-boss says crypto could be huge

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Updated October 17, 2022 | Published October 17, 2022

2 mins read

John Mack has said that cryptocurrency could be big in fifty years’ time, although he is not sure where BTC gets its value from.

Former Morgan Stanley boss John Mack has predicted cryptocurrencies could be “huge” insofar as monetary transactions go.

However, his opinion partially reflects that of crypto skeptic and former JPMorgan Chase boss Jamie Dimon, in that Mack admits that he struggles to understand where the inherent value of BTC comes from.

Nevertheless, Mack does own the cryptocurrency and he is confident in its long-term success.

Mack’s career in Morgan Stanley spans five years, between 2005 and 2010, but he never actively sought to introduce cryptocurrencies across the organizaiton.

If anything, BTC and other cryptocurrencies were still an oddity in financial markets and mostly laughed off on trading floors.

Things have changed and Mack seems to think he knows why BTC could have some value. “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”, he said.

However, he stresses that the onus is on consumers to protect their own holdings and urges holders to insulate their BTC holdings and protect them.

While Mack appears fairly modest about cryptocurrencies, he has actually been staking out many positions in the industry discreetly. Back in 2017, for example, he invested in Omega One, a cryptocurrency startup.

According to Mack at the time, he found Omega One to be a good, strong example of how the industry can become more accessible to everyone by reducing their entry-cost and making them easier to use and understand.

As to Morgan Stanley, the company has been inviting its clients to invest actively in cryptocurrencies, hoping to guide them through the process and secure a number of new well-heeled contacts.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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