Billionaire David Rubenstein on investments in the crypto industry

Co-founder of the Carlyle Group, David Rubenstein, in an interview with CNBC, spoke of his personal investments in crypto companies and expressed optimism about the industry’s prospects, even as the market remains subdued.

Today’s #SquawkPod: @DM_Rubenstein discusses his new book featuring his own interviews with the world’s best investors. He offers his best bets at this point in the cycle: health care, fintech, and #crypto.

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— Squawk Box (@SquawkCNBC) September 1, 2022

The billionaire said his confidence is buoyed by the younger generation’s drive to push innovation.

“Young people generally have the intellect and energy to launch trends. They are not seventy-year-olds who say: ‘Let’s work on personal computers,’” Rubenstein said.

The investor also expressed hope that government regulation would positively influence the industry’s development and not slow innovation.

“Advocates of cryptocurrency in Congress are very powerful, and, as a rule, they are fairly Republican and libertarian. The industry is unlikely to be without influence when dealing with lawmakers,” Rubenstein said.

In May 2021, the billionaire ruled out the disappearance of cryptocurrencies, noting that they would remain part of the financial landscape for many years.

“Some investments related to blockchain and things related to cryptography are likely to be with us for some time,” he reiterated his assertion.

In March, the billionaire clarified on the Colossus podcast that he invested not in digital assets but in service companies within the industry.

In CNBC’s interview, he did not reveal which specific crypto firms he invested in.

It is known that Declaration Partners, the investment adviser to Rubenstein’s family office, in March participated in a $200 million round for NFT startup Immutable. In April, the firm backed the Paxos infrastructure provider in a Series D round of $300 million.

In the first half of 2022, venture investments in blockchain startups exceeded $30 billion, according to Messari and Dove Metrics.

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