Ex-Morgan Stanley CEO calls advantages of cryptocurrencies over traditional finance

John Mack explained that users of digital assets do not need to deposit funds with financial institutions in advance in order to make transactions

17.10.2022 - 09:00

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What’s new? Former Morgan Stanley CEO John Mack has acknowledged that digital assets have a number of advantages over the traditional financial sector. He noted that cryptocurrencies will play a key role in the digitization of the economy. According to Mack, in 50 years virtual assets may become the basis of monetary transactions, Mack told in an interview with CNBC.

CNBC’s interview

What else did Mack say? He explained that crypto transactions do not require assets to be deposited in a bank in advance, users only need access to a computer. Among the key elements of developing the digital economy, Mack cited working to make cryptocurrencies more secure. As digitalization develops, the sector will become increasingly dependent on the activities of crypto traders.

In addition, Mack reported that he still owns bitcoins despite the ongoing market correction. He added that he has invested in some hedge funds that have access to cryptocurrencies, and his family office has some positions in digital assets.

Earlier, Miller Value Partners Chairman Bill Miller called bitcoin “misunderstood.” In his opinion, while prices for the asset may be volatile, BTC is an “insurance policy against financial disaster” for investors.

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