Billionaire David Rubenstein, founder of Carlyle Group, believes that US lawmakers will not force the crypto industry to regulate it unnecessarily. Stating that he is on the rise in the cryptocurrency ecosystem, the billionaire investor said, “The greatest fortunes are made when people go against conventional wisdom.” Here are the details…
David Rubenstein voiced bullish prospect for the cryptocurrency industry
Carlyle Group is known as one of the largest investment firms. The firm’s co-founder, billionaire investor David Rubenstein, gave an interview Thursday. In his interview, Rubenstein shared his views on cryptocurrencies. Answering a question about whether he is on the rise for cryptocurrencies, the billionaire explained:
I think the greatest fortunes are made when people go against conventional wisdom. In this context, I foresee a rise for cryptocurrencies. Who knows where the cryptocurrency industry will be? But right now, the crypto market is under dramatic pressure. However, it contains many opportunities.
The famous manager confirmed that he is a crypto money investor after his statements about cryptocurrencies. The billionaire was initially skeptical of crypto. However, in April, he announced that he had changed his mind about crypto. The founding partner of Carlyle Group continued:
I have invested not only in crypto itself, but also in companies surrounding the industry. So I didn’t just invest in cryptocurrencies themselves. I have also personally invested in companies serving the cryptocurrency industry. Coinbase (Nasdaq: COIN) is one of the best examples of these companies.
Members of Congress cannot unnecessarily push the crypto industry
Rubenstein continued his statements by also mentioning crypto-related companies. The manager added that these companies have been going through a very difficult time lately due to the drop in crypto prices, as we have also reported as Kriptokoin.com. However, Rubenstein stressed that things were not going well in his industry. Also regarding crypto regulation, “Members of Congress are not going to force this industry to regulate unnecessarily,” he told the newsletter. The master continued:
The crypto constituency is very powerful in Congress. They tend to be Republican, libertarian, and very willing to spend money on lobbying… I think the industry will not be soft on dealing with members of Congress. I think they’re going to be pretty aggressive and I think members of Congress will act by not pushing regulations to do more than they’re already doing.
However, US congressman Brad Sherman from California has once again criticized Bitcoin. The congressman stated that the leading cryptocurrency “has no social value.” Speaking in an interview on September 10, Sherman denied Bitcoin’s potential as a future currency. He also stated that it only has one advantage over the dollar, as it can help with crimes such as tax evasion. He also suggested that Bitcoin lacks support to help improve the economy. Sherman made the following statements:
Let’s say Bitcoin becomes a currency. In this case, this would be because it can outpace the dollar in some fairly large markets, especially the tax evasion market, and therefore has no social value. We want people to invest in assets that will build the American economy.
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