Billionaire David Rubenstein, the founder of Carlyle Group, believes that US lawmakers will not push for excessive regulation of the crypto industry. Noting that he is bullish on cryptocurrencies, the billionaire investor said, “the greatest fortunes are made when people go against conventional wisdom.”
David Rubenstein Bullish on Cryptocurrency
Billionaire investor David Rubenstein, co-founder of 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 cryptocurrencies, the billionaire explained:
I am optimistic in the sense that I think the greatest fortunes are made when people go against conventional wisdom.
“Who knows where crypto is going but right now crypto is being beaten significantly,” he pointed out, pointing to opportunities in the sector.
He then confirmed that he is a crypto investor. “It’s not just crypto itself but I have personally invested in companies around the industry, not just crypto itself but companies that serve the industry,” said Carlyle Group co-founder. Coinbase (Nasdaq: COIN) is an example of one of these companies, Rubenstein clarified, adding that these companies “haven’t been doing really well lately” due to the drop in cryptocurrency prices.
However, Rubenstein emphasizes:
But over time, I don’t think this industry will go away.
From the very beginning, the billionaire was skeptical of cryptocurrencies. However, in April, he disclosure that he changed his mind about cryptocurrencies.
Regarding crypto regulation, he told the news outlet that in his view, “Members of Congress are not going to push for excessive regulation of the industry.”
Crypto constituency is very strong in Congress. They tend to be Republicans, liberals and very willing to spend money on lobbying.
“I think the industry will not be soft in its treatment of members of Congress. I think they will be quite aggressive and I think members of Congress will act by not pushing for regulations that do more than they are doing,” the Carlyle Group co-founder further noted.
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