2021-5-21 15:32 |
“Crypto has come from nowhere to be a force in the market … it's here to stay,” said the latest digital asset proponent billionaire David Mark Rubenstein.
In a recent interview with CNBC, he dismissed the concerns around this nascent asset class to be a fad and said that he sees it be a part of the financial landscape for years to come.
While he doesn’t own any cryptocurrencies directly, he is personally invested in them indirectly through crypto trading platforms. The co-founder and co-chairman of The Carlyle Group said,
“I did that, in part, because I think it’s here to stay. Cryptocurrency is not going away, just like gold is not going away.”
The private equity titan also said that some investors see Bitcoin as a substitute for gold.
These comments from Rubenstein came during a week the crypto market wiped out billions of dollars after Bitcoin and Ether lost about 55% of their value and altcoins even more.
“It has its ups and downs, and yesterday was not a good day,” Rubenstein said, referring to Black Wednesday.
“But that’s true of anything that is relatively new, and I don’t think you’re going to see anything like crypto going away and disappearing. It’s here.”
As crypto market participants know, this pullback was hardly an anomaly; bitcoin prices actually had nine such corrections in the 2017 bull market in the range of 30%-40%.
Anthony Scaramucci, the founder of hedge fund SkyBridge Capital, is of similar opinion as he said,
“I think the bull market is intact for bitcoin. If you go back over the different slides in bitcoin over the last 12 years, this is consistent with those slides.”
Meanwhile, Rubenstein said whether people think crypto's are “right or wrong,” there’s clearly an appetite for an alternative to the current financial system.
“It’s here because people in the market want something other than just the traditional currencies that we’ve had.”
“If you go into cryptocurrencies, you should expect big ups and downs and big fluctuations. If you’re not prepared for that, don’t go into cryptocurrency.”
The former government official and lawyer also weighed on the prospect of more regulation, saying the idea that “the government is going to be able to stop cryptocurrency from being something investors want, is unrealistic at this point.”
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