As the cryptocurrency sector matures, there remains uncertainties regarding how the industry will evolve and integrate into the traditional financial space. Notably, a section of leading Wall Street personalities believe digital assets have a future in the monetary system.
In particular, former Morgan Stanley (NYSE: MS) CEO John Mack has acknowledged that in the coming decades, cryptocurrencies will be “a huge way that monetary transactions take place,” he said during an interview with CNBC on October 13.
According to Mack, digital assets come with several benefits over the traditional financial sector, noting that cryptocurrencies will play a key role in digitizing the economy.
“Take crypto, it’s hard for me to understand why it has 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.
An electronic future
At the same time, Mack highlighted some of the key elements to power a digital economy that people with be looking out for. According to Mack:
“You got to make sure 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.”
Furthermore, Mack revealed that he still owns Bitcoin (BTC) despite the ongoing market correction that has seen the flagship cryptocurrency correct by over 70% from its all-time high of almost $69,000 in late 2021.
Mack added that he has also invested in some hedge funds that have exposure to cryptocurrencies, while his family office has some positions in digital assets.
Notably, the former executive has invested in digital assets for a long time through crypto startup Omega One.