© Reuters.
Investing.com – David Rubenstein, the founder of Carlyle Group, one of the largest investment firms managing over $300 billion, who was skeptical of crypto has changed his mind
The billionaire explained his previous position. “At first I was skeptical of cryptocurrency because I thought there was nothing underlying it.” But he sees things differently now. “But it’s clear to me now that a lot of young people don’t think there’s a lot of stuff underlying the dollar or the euro or other currencies.”
In this sense, the monetary mechanisms established by central banks have diluted confidence. “So maybe the government’s promise to give it value doesn’t exist when you have so much money that you borrow and inflate the value of the currency.”
Rubenstein added that the decentralized side of crypto could be a boon for some. “So I think a lot of people like that it’s private. You can’t really know how much someone has. They like being able to transfer it around the world.”
Furthermore, the co-founder of Carlyle Group mentioned the war between Russia and Ukraine and highlighted the benefits of owning cryptocurrencies in this context. “Having cryptocurrencies probably makes you feel better because you can have something that’s out of government control and doesn’t depend on which bank opens its doors to you.”
However, Rubenstein admits that he does not own cryptos. “I haven’t bought cryptocurrencies, but I’ve bought companies that serve the industry because I think the genie is out of the bottle.”