After stating that cryptocurrencies are here to remain, David Rubenstein went on to say that policymakers would not be able to prevent people from participating in them.

The former Chairman of the Smithsonian Institution, David Rubenstein, said that governments needing or being willing to block cryptocurrencies is “unrealistic at this stage.” He also discussed the importance of emerging assets in the financial sector and expected they would not go anywhere.

Governments are unable to stop cryptocurrency

With the crypto market’s meteoric rise in the last year or so, several analysts have expressed concern over a possible ban by world governments and the ramifications for the sector.

However, David Rubenstein, Chairman of the Kennedy Center for the Performing Arts and Co-Founder of the Carlyle Group, argues that such a scenario is unlikely.

According to the US billionaire and philanthropist, cryptocurrencies survive and prosper because “people in the market want something new from standard currency.” He declared that intangible riches are “here to stay” and that policymakers will not stop them.

“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.”

Rubenstein said that investors in the industry should expect equal significant ups and downs from such a revolutionary innovation, referring to this week’s colossal market collapse. He also advised any who are unprepared to deal with the increased uncertainty to keep away.

Rubenstein said that while he hasn’t personally invested in digital properties, he has distributed funds to businesses in the sector.

The Importance of His Sayings

Several crypto supporters took to Twitter shortly after the interview to praise his positive attitude. Michael Saylor, the CEO of MicroStrategy, was one of the first. Aside from mentioning Rubenstein’s present and previous achievements, the executive called his comments “auspicious for Bitcoin.”

Galaxy Digital’s CEO, Michael Novogratz, named Rubenstein one of the most admired investors with the best DC connections ever” and called him “one of the most respected investors with the best DC ties ever.

Rubenstein was the one who recruited Jay Powell when he was at the Fed and was his manager for eight years, according to Travis Kling, Ikigai Asset’s Founder and CIO. He also happens to be the CEO of The Carlyle Group, one of the world’s biggest and most swamp-connected private equity companies.

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