Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
Billionaire David Rubenstein Bullish on Crypto, Upbeat on Regulation – Markets & Prices Bitcoin News
Billionaire David Rubenstein, the Carlyle Group’s founder, believes that US lawmakers will not push to regulate the crypto industry unnecessarily. Noting that he is bullish on crypto, the billionaire investor said, “The biggest fortunes are made when people go against conventional wisdom.”
David Rubenstein Bullish on Crypto
Billionaire investor David Rubenstein, co-founder of the Carlyle Group, one of the largest investment firms, shared his cryptocurrency outlook in an interview with CNBC on Thursday.
In response to a question about whether he is bullish on cryptocurrency, the billionaire explained:
I am bullish in the sense that I believe the greatest fortunes are made when people go against conventional wisdom.
“Who knows where crypto is going to be, but right now crypto has been beaten down dramatically,” he pointed out, indicating opportunities in the sector.
He then confirmed that he is a crypto investor. “Not just the crypto itself, but I’ve personally invested in the companies that surround the industry, not just the cryptocurrencies themselves, but companies that service the industry,” the Carlyle Group founder said. Coinbase (Nasdaq: COIN) is an example of one of those companies, Rubenstein explained, adding that those firms “actually haven’t done that well lately” due to the decline in crypto prices.
Nevertheless, Rubenstein emphasized:
But with time, I believe the industry will not disappear.
The billionaire was skeptical of crypto at first. However, in April he revealed that he changed his mind about crypto.
Regarding cryptocurrency regulation, he told the news agency that in his view, “members of Congress are not going to push to regulate this industry unnecessarily.”
Rubenstein said:
The crypto constituency is very strong in Congress. They tend to be Republicans, libertarians, and very willing to spend money on lobbying.
“I think the industry is not going to be soft in dealing with members of Congress. I think they’re going to be pretty aggressive, and I think members of Congress will act by not pushing regulations to do more than they’re already doing,” the Carlyle Group co-founder continued.
What do you think of billionaire David Rubenstein’s comments? Let us know in the comments section below.
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