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John Mack: "Cryptocurrencies will become the basis of monetary transactions"

John Mack | The former CEO of Morgan Stanley

The former CEO of Morgan Stanley acknowledged that digital assets have a number of advantages over traditional finance. John Mack noted that cryptocurrencies will play a key role in the digitization of the economy. 

"Take cryptocurrency. It's hard for me to understand why it has value. Perhaps in fifty years this will become the main way to conduct monetary transactions. It's easy to do. Then you won't have to worry about placing funds in the bank," 

said John Mack

At the same time, Mack highlights some of the key issues of the digital economy that should be addressed.

"You have to make sure that the crypto wallet is secure, and no one can break into it. I think that in fifty years things will become even more digital. More and more people will depend on cryptocurrencies, and regulators will decide how to trade them, take risks, and will ensure that transactions with them do not go beyond the boundaries of legislation," 

the former banker believes.

Recently, Circle CEO Kevin O'Leary stated that traditional financial institutions are vulnerable to efficient blockchain-based banking systems. Last year, the stablecoin issuer USDC announced plans to create a financial institution and transform Circle into a "national full-reserve commercial bank", with rights and opportunities beyond traditional banking.

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