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David Rubenstein: cryptocurrencies will remain in the market, like gold

Sunday, 23 May 2021

American businessman, billionaire and investor David Rubenstein believes that cryptocurrencies will remain in the financial market for a long time, as will gold. During the Squawk Box program on CNBC, Rubenstein revealed that he himself did not personally buy cryptocurrencies directly.

However, he has invested in cryptocurrency trading companies. The billionaire believes that cryptocurrencies will remain on the market for years to come, so such investments are perfectly acceptable.

"Crypto has come from nowhere to be a force in the market ... it's here to stay. Cryptocurrency is not going away. The idea that the government is going to stop cryptocurrency from being something investors want is unrealistic,"
says Rubenstein.

He noted that many investors are using Bitcoin as an alternative to gold. And even the increased volatility of the cryptocurrency market is quite natural, because this is a new asset class:

"It has its ups and downs, and yesterday was not a good day. 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."

Rubenstein recalled that now many investors are looking for an alternative to the traditional financial system, the confidence in which has significantly decreased.

"Crypto has come from nowhere to be a force in the market ... it's here to stay. Cryptocurrency is not going away," The Carlyle Group's David Rubenstein #bitcoin. "The idea that the government is going to stop cryptocurrency from being something investors want is unrealistic." pic.twitter.com/edMOpydAzp
— Squawk Box (@SquawkCNBC) May 20, 2021

Earlier, the CEO of Ark Invest Catherine Wood expressed confidence that the Bitcoin rate will reach $ 500,000 in the foreseeable future. But according to Scott Minerd, investment director of Guggenheim Partners, Bitcoin and other cryptocurrencies are just a new tulip rush. At the same time, earlier he could be called a cryptocurrency enthusiast, but recent market events have turned him into a skeptic.