Governments wanting or being able to stop cryptocurrencies is “unrealistic at this point,” noted the former Chairman of the Smithsonian Institution – David Rubenstein. Furthermore, he outlined digital assets’ significant role in the financial industry and predicted that they are not going away.
Governments Can’t Stop Crypto
With the spectacular growth of the crypto market in the past year or so, numerous experts have broached concerns about a potential ban from world governments and the effects it could have on the industry.
However, David Rubenstein, Chairman of the Kennedy Center for the Performing Arts and the Co-Founder of the American private equity firm The Carlyle Group, believes there’s no such possibility.
In a CNBC interview, the US billionaire and philanthropist said cryptocurrencies exist and thrive because “people in the market want something different than traditional currency.” He asserted that digital assets are “here to stay” and indicated that governments wouldn’t be able to halt their progress.
“The idea that cryptocurrency is going to go away or that the government is going to stop cryptocurrency from being something investors want is unrealistic at this point.”
Commenting on this week’s massive market crash, Rubenstein said people invested in the industry should expect similar significant ups and downs from such a relatively new invention. He also warned those who are not prepared to face the enhanced volatility just to stay away.
Although he hasn’t invested in any digital assets directly, Rubenstein said he had allocated funds to companies within the industry.
The Significance of His Words
Shortly after the interview, numerous crypto proponents took it to Twitter to outlined his favorable approach. MicroStrategy’s CEO, Michael Saylor, was among the first. Apart from listing Rubenstein’s current and former accolades, the executive described his words as “auspicious for Bitcoin.”
Galaxy Digital’s CEO, Michael Novogratz, said, “this is really important,” and called Rubenstein “one of the most respected investors with the best DC ties ever.”
Travis Kling, Ikigai Asset’s Founder and CIO, reminded that Rubenstein was “the guy that hired Jay Powell before he was at the Fed and was his boss for 8 years. He also happens to run of the largest and most swamp-connected PE firms in the world,” referring to The Carlyle Group.
Featured Image Courtesy of Bloomberg