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Former CEO’s Thoughts on Bitcoin and Crypto
John Mack, Former CEO of Morgan Stanley has confirmed when he was asked about whether he owns Bitcoin or not ? He stated that he “owns” it. He admitted that crypto could transform the way monetary transactions take place in “a huge way” in the future.
Mack was the CEO of the leading global investment bank from the period of June 2005 to January 2010.The Former CEO also talk over whether the Wall Street be fully digitalized in the upcoming time.He said – “I don’t think it goes away but I think it changes dramatically, take crypto, it’s hard for me to understand why it has value,” he resumed his statement-
“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”.
Morgan Stanley’s John was the one who protected his firm during the Great Recession of 2008. During the depth of the financial crisis meltdown in September 2008.Mack worked with a different strategy and negotiated with Japan’s leading bank- Mitsubishi UFJ Financial Group to invest $8.4 billion in the firm.
At the Wharton Leadership lecture, he stated his story of saving Morgan Stanley with the dual goals of securing the jobs of thousands of employees combined with protecting the prominent name on Wall Street. According to him, merging his organization with the J.P Morgan Chase at that time was not beneficial.
Does Investment Firm support crypto one-sided?
Morgan Stanley saw Bitcoin as less volatile and more decentralized cryptocurrency. The firm previously made many positive statements over crypto and Bitcoin. In between, it was believed that it may become the largest Institutional holder of the World’s biggest Bitcoin (BTC) Fund.
Also, many of the firm’s managers summarized it as “ a likely permanent investment category” and “a viable asset class” with a lot of potential to grow. When the Silvergate Report was presented, it said that it provided the firm with a total growth of 7.6%. Morgan Stanley also sees the benefits of adopting stablecoins.
John also said-”You gotta 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.”
Mack has been investing in the crypto markets for many years from now. In July 2017, he talked about the investment he had made in the crypto startup Omega One. he told- “ I have been watching and investing in the cryptocurrency market over the last several years.”
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
