Cryptocurrencies will remain part of the financial landscape for many years, said Carlyle Group cofounder David Rubenstein in an interview with CNBC.
“Crypto has come from nowhere to be a force in the market … it’s here to stay. Cryptocurrency is not going away,” The Carlyle Group’s David Rubenstein #bitcoin. “The idea that the government is going to stop cryptocurrency from being something investors want is unrealistic.” pic.twitter.com/edMOpydAzp
— Squawk Box (@SquawkCNBC) May 20, 2021
The billionaire noted that he has personally invested in companies linked to cryptocurrencies. He said the new asset class is not a fad that is destined to disappear.
“Cryptocurrency isn’t going anywhere, just like gold,” said the Carlyle Group cofounder.
Rubenstein added that Bitcoin has its ups and downs, the May 19 market crash “not the best day.” He advised against investing in digital assets for those who are not prepared for large swings.
Regardless of whether people think Bitcoin is the right thing, interest in an alternative to the current financial system is evident, the billionaire emphasised.
“This is happening because people in the market want something other than traditional currencies,” explained Rubenstein.
He also doubted that the government could prevent digital assets from becoming what investors want.
Earlier, Caitlin Long, CEO of the cryptocurrency startup Avanti, said regulatory pressure on the crypto industry would persist, but this does not pose a ban on Bitcoin.
In December 2020, the investment firm Declaration Partners, backed by Rubenstein’s family office, led Paxos’ investment round of $142 million.
Earlier, American investor Bill Miller described the Bitcoin crash as a trivial matter and said he did not see a need to “comment on normal price fluctuations of assets”.
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