Crypto

Despite Bear Market, Billionaire David Rubenstein Remains a Crypto Supporter

US billionaire and former White House official – David Rubenstein – reiterated his pro-crypto stance, predicting that the industry “is not going to go away”.

His comments come amid a market decline that has affected many digital assets. Bitcoin, for one, is currently down 70% from its all-time high November 2021 valuation.

Crypto offers financial freedom

In a recent interview for Bloomberg, Carlyle Group co-founder – David Rubenstein – said he hasn’t always been so supportive of the cryptocurrency sector.

Years ago, he viewed it as something that could bring people joy, like going to Las Vegas to gamble or play golf. However, he warned those who want to enter the world of crypto for this reason that they should be careful about the amount of money they distribute:

“If you enjoy staring at screens all day and say you just made a lot of money in crypto and so on, allocate enough so that if you lose it’s not the end of the world .”

Later, however, Rubenstein changed his stance and now sees crypto as an industry that is here to stay. According to him, the niche is particularly popular with young people aged 20 to 30 who have libertarian values ​​and wish to free themselves from centralized institutions:

“I now think crypto isn’t going to go away like some people think, and while you can argue it’s worthless in some ways, a lot of the things people buy may be worthless. I would say it’s clear that a lot of people have a libertarian outlook on life, and they tend to like this thing that’s sort of anti-government.

To prove his point, Rubenstein pointed to Russia, where many oligarchs saw their funds frozen after Vladimir Putin launched his “special military operation” in Ukraine. Having cryptocurrencies could have alleviated these issues due to the financial autonomy they provide:

“The government doesn’t know what you have, you can move it anywhere in the world, it won’t be devalued by government inflation, it’s not the worst thing to invest some of your silver.”

Afterwards, the billionaire admitted that he had not diversified his portfolio with digital assets. Nonetheless, he and some of his family members have invested in companies that serve the industry.

David Rubenstein, source: Bloomberg

“The genie came out of the bottle”

Rubenstein believes the real rise in crypto began in early 2021, when the prices of most assets were hitting new all-time highs every few days.

In April last year, he claimed that “the genie is out of the bottle”, meaning authorities and central banks are unable to curb consumer interest in the industry.

Once again, he opined that bitcoin and alternative coins could be very beneficial monetary tools for war-torn nations, like the Russians and Ukrainians, who have significant issues with their fiat currencies:

“Having a cryptocurrency probably makes you feel better that you can have something outside of government control, and it doesn’t depend on which bank opens its doors to you.”

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