Billionaire David Rubenstein compares crypto to gambling, says investors take the risk for this reason
Billionaire David Rubenstein says crypto investors basically gamble in casinos and he has identified the motivation behind it.
in a new interview On crypto influencer Anthony Pompliano’s YouTube channel, the Bloomberg host claims that traders choose to buy crypto assets because they have less faith in governments and fiat currencies.
“I used to say if you went to Las Vegas and you liked to gamble there, [if] it gives you a form of happiness and pleasure knowing that you will lose money in the end if you stay there long enough because the odds are always in favor of the house, go ahead and do it, but don’t don’t lose more money than you can afford to lose.
Put one or two or three percent in it, if you like, all right. I used to say the same thing about cryptocurrencies, if you want to speculate, you want to read all about it, you like the thrill of cryptocurrencies, okay, put a or two or three percent.
Today, what I think clearly is that more and more people are making more than one, two or three percent and this reason is [because] people generally have less trust in governments and their currency is devalued, so they believe that cryptocurrencies will not be devalued this way.
Rubenstein goes on to say that investors, especially the wealthy, can take advantage of the financial privacy that owning crypto assets could provide.
“There’s a lot of thrill in secrecy, a lot of thrill that no one knows what you actually own, a lot of Russian oligarchs have had their assets confiscated by Western governments and many other wealthy people around the world are probably saying, ‘Well, I want to have assets that nobody can confiscate, nobody knows I have [them],’ and that’s what cryptocurrencies do.
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