Billionaire David Rubenstein, Carlyle Group’s founder, believes that U.S. lawmakers will not push to regulate the crypto industry unduly. Noting that he is bullish on crypto, the billionaire investor said: “the greatest fortunes are made when people go against conventional wisdom.”
David Rubenstein Bullish on Crypto
David Rubenstein (billionaire investor), was interviewed by CNBC on Thursday to discuss his thoughts about cryptocurrency.
The billionaire answered a question regarding whether or not he was bullish about cryptocurrency.
I’m bullish in the sense that I think the greatest fortunes are made when people go against conventional wisdom.
“Who knows where crypto’s going to be but right now crypto’s been beaten down dramatically,” he pointed out, indicating opportunities in the sector.
The co-founder of Carlyle Group confirmed that he was a crypto investor. “Not just crypto itself but I’ve invested personally in the companies that surround the industry, not just the cryptocurrencies themselves but companies that service the industry,” the Carlyle Group co-founder stated. Coinbase (Nasdaq: COIN) is an example of one of these companies, Rubenstein clarified, adding that these firms “have not actually done that well lately” due to the decline in crypto prices.
Nonetheless, Rubenstein stressed:
But I believe the industry won’t disappear over time.
He was initially skeptical about cryptocurrency. He changed his mind on crypto in April.
Regarding cryptocurrency regulation, he told the news outlet that in his view, “Members of Congress are not going to push to regulate this industry unduly.”
Congress has a very large crypto constituency. They are often Republican, liberal, and willing to spend money lobbying.
“I think the industry is not going to be soft in dealing with members of Congress. I think they’re going to be fairly aggressive, and I think members of Congress will act by not pushing regulations to do more than they are already doing,” the Carlyle Group co-founder further noted.
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