Billionaire David Rubenstein, founder of the Carlyle Group, believes that US lawmakers will not push for excessive regulation of the crypto industry. Noting that he is optimistic about cryptocurrencies, the billionaire investor said: “The biggest fortunes are made when people go against conventional wisdom.”
David Rubinstein optimistic about cryptocurrencies
Billionaire David Rubinstein, co-founder of the Carlyle Group, one of the world’s largest investment companies, shared his take on cryptocurrencies in an interview with US television channel CNBC on Thursday.
When asked if he is optimistic about cryptocurrencies, the billionaire explained:
I am optimistic in the sense that I believe that the biggest fortunes are made when people go against the conventional wisdom.
“Who knows where crypto will be, but so far it has failed,” he noted, pointing to opportunities in the sector.
He then confirmed that he is a crypto investor. “Not only the cryptocurrency itself, but I have personally invested in the companies that surround the industry, not only in the cryptocurrencies themselves, but in the companies that serve the industry,” said the Carlyle Group co-founder. Coinbase is an example of one such company, Rubenstein elaborated, adding that these companies “haven’t really been doing all that well lately” due to the fall in cryptocurrency prices.
Nevertheless, Rubinstein pointed out:
But ultimately, I don’t think the industry will disappear.
At first, the billionaire was skeptical about cryptocurrency. However, in April, he revealed that he had changed his mind about cryptocurrencies.
As for regulation of cryptocurrencies, he told the publication that he believes “members of the US Congress are not going to push for over-regulation of this industry.”
Rubenstein believes that:
Cryptocurrency in Congress is very strong. They tend to be Republicans, libertarians, and very willing to spend money on lobbying.
“I think the industry will not be soft on members of Congress. I think they will be pretty aggressive and I think members of Congress will act without forcing the rules to do more than they already do,” said the co-founder of the Carlyle Group.