Many are hopeful that the industry will rebound despite the current setbacks. David Rubenstein expressed deep support for the cryptocurrency industry in light of these recent setbacks. David Rubenstein, co-founder of The Carlyle Group is a global equity investing company. Rubenstein is optimistic that all industries can survive despite being affected by the downturn.
American businessman Rubenstein expressed optimism about the future of digital assets. Rubenstein anticipated that there would be some successful blockchain businesses in the future, despite the restrictions on crypto. Rubenstein also discussed the opinions of Congress about the industry, and what he expects for regulation.
The Rubenstein Crypto Prediction
The businessman, who is also crypto skeptical, is also pro-crypto investors. Billionaire said on CNBC’s Squawk Box that he is still hopeful for the future of the crypto industries. According to him, things that don’t conform with conventional wisdom are the ones that prosper.
Investors worried about tightening monetary policies in 2022 caused the cryptocurrency market to begin declining. Bitcoin and Altcoins have fallen significantly since their peak. Due to market selling pressure, many digital assets have lost value.
Rubenstein stated that he had invested in crypto companies. He believed that the crypto industry wouldn’t be shut down, even though the market has been struggling lately due to recent falls.
Rubenstein disclosed that he has invested in Paxos in an interview. He believes that the blockchain ecosystem will be successful despite all the challenges.
According to the billionaire, the key growth drivers in the crypto currency industry are young people. He compared the crypto industry’s growth to the spread of personal computers in the 2000s. Personal computers were present in over half the U.S. households by the end of 2000.
Rubenstein explained, too that younger people are able to set and follow trends. However, trends are not something that older people start. People are also moving the trend as younger generations seek to encourage and develop new ideas.
The U.S. Congress’ Take On Regulations
Rubenstein responded to many concerns about regulators limiting innovation and restricting the market. He said that the congress would have fair oversight of digital regulation. Rubenstein believes that congress has strong support for the digital sector. Rubenstein stated that digital currency lobbying is a popular activity.
He addressed Sam Bankman-Fried’s recent revelation, noting that he has spent a lot of time lobbying Congress in Washington DC to support digital currencies. He also praised FTX’s founder for advocating the crypto industry.
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