The predictions about crypto’s future continue to be optimistic despite the massive volatility that we see in the crypto market. Check out what the former Morgan Stanley CEO has to say about the future of digital assets below.
It’s been just revealed that he says the technology behind crypto could revolutionize the current financial system.
Crypto could revolutionize finance
According to the latest reports, in a new interview on CNBC’s Squawk Box, former Morgan Stanley CEO John Mack says that in about 50 years, monetary transactions and asset trading will take place digitally on blockchains. this is bound to happen as life becomes increasingly more reliant on computers.
“I don’t think the [financial system] goes away, but I think it changes dramatically. Take crypto. For me, it’s hard to understand why it has value.”
He continued and said this:
“Fifty years from now, maybe [digital assets] will be a huge way that monetary transactions take place. It’s easy to wire. You don’t have to worry about putting it into a bank. It’s all on a computer. You got to make sure it’s insulated, protected, and no one can break into it.”
He also stated the following:
“But 50 years from now, I think things will be even more electronic and drive more and more by input from humans into computers on how to trade, how to take risks, and make sure they don’t go over their limits.”
At the moment of writing this article, the crypto market is making efforts to recover following the latest losses.
Smart money pours into the crypto space
The billionaire investor Chamath Palihapitiya says another turning point appears to be underway. This comes right a year after he predicted the start of a massive crash in global markets.
In a new edition of the All-In Podcast, Palihapitiya stated that the smart investors with large amounts of capital are re-entering the markets. He also made sure to explain the fact that this cycle is in the process of bottoming out.