Billionaire David Rubenstein on Why He Changed His Mind About Crypto — Says ‘I Was Skeptical in the Beginning’ – Featured Bitcoin News

David Rubenstein, founder of Carlyle Group (an investment company that manages more than $300 billion), says he was skeptical of crypto but now believes that “the genie is out of the bottle” and the crypto industry is not “going to go away anytime soon.”

David Rubenstein on Crypto

David Rubenstein (co-founder of Carlyle Group), one of largest private equity firms worldwide, shared his reasons for changing his mind regarding crypto in an interview with Colossus.

Rubenstein was the cofounder of Carlyle Group, which was founded in 1987 by Rubenstein. In 1987, Rubenstein co-founded the Carlyle Group. The firm now has $301 million in assets and 26 offices all around the world. Rubenstein has many accomplishments, including being chairman of Council on Foreign Relations. He is also a trustee of Brookings Institution as well as the World Economic Forum.

“I was skeptical of crypto in the beginning because I figured there’s nothing underlying this,” he began, elaborating:

But it’s clear to me now that many younger people don’t think that there’s much underlying the dollar or the euro or other currencies.

“They think, ‘I really can’t get gold for my dollar anymore,’” he added.

“So maybe the government’s promise to make it valuable isn’t there when you have so much money you’re borrowing and you’re inflating your way out of the value of the currency,” he continued.

Rubenstein added: “So I think many people like the fact that it’s private. You can’t really know how much somebody owns. They love to be transferable [it] around the world.”

Co-founder of Carlyle Group, he also spoke out about the Russia-Ukraine War. He pointed out the benefits of having crypto “If you’re in Ukraine or you’re in Russia and you want to have some assets and your country has got lots of challenges.” In such circumstances, he opined:

Having some cryptocurrency probably enables you to feel better that you can have something that’s outside of the government’s control and it’s not dependent on the bank opening up its doors to you.

Rubenstein also noted that crypto investors are attracted to the industry because they see other successful entrepreneurs. He said, “they tend to go where people have made money.”

As for his own investments, he admitted: “I have not bought cryptocurrencies, but I have bought companies that service the industry because I think the genie is out of the bottle.” Rubenstein concluded:

I don’t think the industry’s going to go away anytime soon.

What do you think about David Rubenstein’s comments? Please comment below.

Kevin Helms

Kevin, a student of Austrian Economics and evangelist since 2011, discovered Bitcoin. His main interests are in Bitcoin security, open source systems, network effects, cryptography, and intersections between economics, cryptography, and Cryptography.