Crypto-currencies will become “a huge way for monetary transactions to take place.”

Former Morgan Stanley CEO John Mack has confirmed that he still owns bitcoin. While admitting that he has trouble understanding why crypto is valuable, the former executive believes that in 50 years, crypto could be “a huge way for monetary transactions to take place.“

John Mack, former CEO of Morgan Stanley, speaks out on bitcoin and crypto-currencies.

Former Morgan Stanley CEO John Mack spoke about bitcoin and crypto-currencies in an interview with CNBC on Thursday. John Mack was the CEO of the investment bank from June 2005 to January 2010.

Responding to a question about whether he currently owns bitcoin, he confirmed, “I own some. Yes.“He then shared:

Through my family office, we have some outright positions in crypto.

The former Morgan Stanley executive also discussed whether Wall Street will become completely digitized in the future. “I don’t think it will go away, but I think it will change dramatically“, he said. “Take crypto, I have a hard time understanding why it has value“, Mack continued, adding:

In fifty years, this may be a huge medium for monetary transactions. It’s easy to transfer. You don’t have to worry about putting it in a bank. It’s on a computer.

The former Morgan Stanley executive opined, “You have to make sure it’s isolated, protected, and no one can get into it. Fifty years from now, I think things will be even more electronic and will be increasingly driven by the data that humans provide in computers about how to trade, how to take risks, and how to make sure they don’t overstep their bounds.“

John Mack has been investing in crypto for many years. In July 2017, he told Bloomberg while discussing his investment in crypto startup Omega One: “I’ve been watching and investing in the crypto-currency market for several years.“Regarding Omega One, he stated at the time that he finds the company “is an important next step in the emergence of this new economy … making crypto assets cheaper and easier to access.“