Billionaire David Rubenstein compares crypto to gambling, says investors take the risk for this reason
Billionaire David Rubenstein says that crypto investors mainly gamble in casinos and that he has identified the motivation behind it.
In a new interview on crypto influencer Anthony Pompliano’s YouTube channel, the Bloomberg host says traders are choosing to buy crypto assets because they trust governments and fiat currencies less.
“I used to say if you wanted to go to Las Vegas and you like to play there, [if] it gives you a kind of happiness and joy knowing that you’re going to lose the money eventually if you hang in there long enough because the odds are always in favor of the house, go ahead and do it, but don’t lose more money than you can afford lose.
Put in one or two or three percent, if it makes you happy, fine. I used to say the same thing about cryptocurrencies, if you want to speculate, you want to read about everything that’s going on there, you like the excitement of cryptocurrencies, okay, put in one or two or three percent.
Today, what I clearly think is happening is that more and more people are doing more than one or two or three percent, and that’s why [because] people have less trust in governments in general and their currency is being devalued, so they believe that cryptocurrencies will not be devalued that way.”
Rubenstein goes on to say that investors, especially the wealthy, can enjoy the financial confidentiality that owning crypto assets can provide.
“There’s a lot of tension in the secrecy around that, a lot of tension that no one knows what you actually own, a lot of Russian oligarchs saw their assets being taken away by Western governments and a lot of other wealthy people around the world are probably saying, ‘Well, I want some possessions that no one can confiscate, no one knows I have [them],’ and that’s what cryptocurrencies do.”
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