Billionaire businessman says crypto is here to stay and won’t fade away

Private equity firm Carlyle Group co-founder David Rubenstein, speaking in an interview with CNBC, refuted concerns about digital currencies being destined to fade away, saying the asset class would remain part of the financial space for the many years to come.

During his speaking engagement, Rubenstein admitted that while he did not invest in digital assets directly, he invested in companies that facilitate cryptocurrency trading.

He 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.” He also added some investors even consider bitcoin as a substitute for gold in storing value.

Good and bad days

The American billionaire businessman’s comment coincides with the time bitcoin and other digital currencies plunged deep that they lost almost half of their gains when they reached their respective all-time highs.

Notably, on May 19, the bitcoin price dropped by more than 30% and fell around $30K, even briefly dipping below that mark, before working on recovery and trim losses to trade at almost $40,000. According to CoinGecko, at press time, the leading crypto’s unit price stands at more than $38,000.

Regarding this, Rubenstein said, “It has its ups and downs, and yesterday was not a good day,” referring to the May 19 collapse. The entrepreneur added, “But that’s true of anything relatively new, and I don’t think you’re going to see anything like crypto going away and disappearing, “ reaffirming his earlier statement.

Skeptics still remain

While Rubenstein marvels at bitcoin’s long-term viability, some remain skeptical — one of which is Berkshire Hathaway Inc. Vice Chairman Charlie Munger — saying the crypto is “disgusting and contrary to the interest of civilization.”

But the Carlyle Group co-founder said it doesn’t matter if people think bitcoin and other crypto assets are right or wrong as there is an apparent demand for an alternative to the current financial system.

 

Image courtesy of Cointelegraph News/YouTube

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