2023-8-9 07:30 |
Bitcoin has been a terrible investment in the past two years as the price dropped from a record high of $67,000 to the current $29,400. Despite this decline, David Rubenstein, the founder of Carlyle Group, has regrets not buying Bitcoin a decade ago when it was going for less than $100.
David Rubenstein makes the case for BitcoinIn an interview with Bloomberg, David Rubenstein made the case for Bitcoin. For one, he noted that BTC has been a great investment over the years. He is correct since BTC has jumped by over 300% in the past five years. In the same period, gold and the tech-heavy Nasdaq 100 index have jumped by less than 120%.
Since 2014, Bitcoin has jumped by over 10,000%. This performance happened despite some major issues in the industry, including a regulatory crackdown in China and the collapse of Mt Gox.
David Rubenstein also noted that there was demand for a currency that exists away from government regulations. On regulations, he said that Gary Gensler’s Security Exchange Commission (SEC) had lost a major case in an American case. As we wrote here, the SEC had accused Ripple Labs of offering XRP as a security without following the law.
Most importantly, Rubenstein argued that Bitcoin will thrive even as the regulatory environment worsened. He cited the elevated international demand for Bitcoin and other cryptocurrencies.
Watch here: https://www.youtube.com/embed/-ua2ZwdB4eE?feature=oembed TradFi trend is ongoingDavid Rubenstein’s interview came at a time when a trend known as TradFi is ongoing. TradFi is a situation where traditional finance companies embrace cryptocurrencies.
For example, big companies like Invesco, Blackrock, and VanEck have all filed for a spot Bitcoin ETF. Larry Fink, the head of Blackrock, the biggest asset manager in the world, has also talked positively about Bitcoin in the past few weeks.
The most recent crypto news was the decision by PayPal to launch its new stablecoin, PYUSD.
David Rubenstein’s statement was notable because of his status in the private equity industry. He started Carlyle Group, one of the biggest PE companies in the industry with over $385 billion.
The post This Private Equity legend regrets not buying Bitcoin at $100 appeared first on Invezz.
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