The billionaire cofounder of private equity giant Carlyle Group told CNBC on Thursday that “it’s unrealistic” to expect government to stop cryptocurrencies from becoming “what investors want.” David Rubenstein was asked on “Squawk Box” to weigh in on recent comments from Berkshire Hathaway CEO Warren Buffett and JPMorgan Chase CEO Jamie Dimon, who have both criticized bitcoin. He said that big investors will turn to cryptocurrency, even though they might not trust it right now.
Cryptocurrency is an emerging market that’s growing more and more every day, yet it still has a long way to go before it can become mainstream. Currently, its appeal is limited to tech-savvy people that are already familiar with the digital world. There are many reasons for this, from the complexity of the system to the fact that it’s not a government-backed currency, but one that’s regulated by math. But in the future, it’s possible that cryptocurrency will be a common form of payment. (The question is if that will be a good thing or not.)
The government is sounding the alarm about the impending doom of the cryptocurrency market (again) and one of the wealthiest investors in the world is tired of hearing it. When asked about the topic at the Milken Institute Global Conference in Los Angeles, billionaire David Rubenstein—founder and co-CEO of the Carlyle Group—said that the government is unnecessarily worrying about the future of cryptocurrencies and it’s “unrealistic” to think government will stop cryptocurrency from being what investors want.. Read more about is bitcoin safe and let us know what you think.David Rubenstein, co-founder of The Carlyle Group, says the idea that the government can prevent cryptocurrencies from becoming what investors want is unrealistic. He thinks cryptocurrencies are here to stay. He won’t leave because that’s clearly what the market wants, he said.
David Rubinstein has faith in cryptocurrencies
David Rubenstein, co-founder and chairman of Carlyle, spoke about bitcoin and the future of cryptocurrencies in an interview with CNBC last week. Prior to that, he was co-CEO of the Carlyle Group, a private equity, asset management and financial services firm. In 2015, according to the PEI 300 Index, Carlyle was the largest private equity firm in the world in terms of capital raised over the past five years. Rubinstein said: Cryptocurrencies have emerged from nowhere and have developed into a power in the market. For some, it is even a substitute for gold. … He stays here. Cryptocurrencies aren’t going away, and neither is gold. He added: The idea that the government will prevent cryptocurrencies from becoming what investors want is unrealistic. The Carlyle Group executive noted that crypto-currencies have their ups and downs. But, he stressed: That goes for anything relatively new, and I don’t think you’ll see something like cryptocurrencies disappear. He continued: It’s there, and it’s there because people in the market want something other than the traditional currency that we have, and whether it’s good or bad, that’s clearly what the market wants. Rubinstein stressed that if you are getting into cryptocurrencies, you should expect ups and downs, big swings, and if you are not prepared for that, you should not get into cryptocurrencies. The cryptocurrency community welcomes Rubinstein’s comments. Michael Saylor, the pro-bitcoin CEO of Nasdaq-listed Microstrategy, which has raised about 92 BTC so far, commented: This is pro-bitcoin, and comes from David Rubinstein. He is president of the Kennedy Center for the Performing Arts, past president of the Smithsonian Institution, chairman of the Council on Foreign Relations, and chairman of the Economic Club of Washington. What do you think of David Rubinstein’s comments on bitcoin and cryptocurrencies? Let us know your comments in the section below. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.David Rubenstein, the billionaire cofounder of The Carlyle Group, says the government will not be able to stop cryptocurrency from being what investors want it to be. At the Bloomberg Markets 50 Summit in New York, Rubenstein spoke with Bloomberg Editor-in-Chief John Micklethwait about the rise of cryptocurrency and what could happen to it in the future, noting that the government could not stop it from being what investors want it to be.. Read more about cryptocurrency prices and let us know what you think.
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