The Crypto market has seen massive growth over the past few years. While the development results are positive, many experts have expressed their concerns about a potential ban from governments in the future and the post-ban effects it could have on the fast-growing crypto industry.
However, David Rubenstein, an American billionaire businessman and philanthropist, believes that cryptocurrencies will endure a part of the economic landscape for years to come as people in the market want something different from traditional currency.
Rubenstein’s comments surfaced on Thursday, a day after the world’s biggest and dominant cryptocurrency and the host of other digital assets saw many billions of dollars of significant worth cleared out after bitcoin plunged over 30% at its absolute bottom on Wednesday, around $30,000 per token. Bitcoin later recuperated a portion of those misfortunes and traded back up more than $41,000 on Thursday.
Referring to Wednesday’s market crash, Rubenstein said,
If you go into cryptocurrencies, you should expect big ups and downs and big fluctuations. If you’re not prepared for that, don’t go into cryptocurrency.
Even though he hasn’t invested in cryptocurrency directly, Rubenstein said he had apportioned assets to organizations inside the business like Paypal’s Crypto Partner Paxos.
Rubenstein weighed in on the possibility of more regulation, saying the idea that “the government is going to be able to stop cryptocurrency from being something investors want is unrealistic at this point.”
Just after his interview, copious crypto supporters took over Twitter to extend their support to Rubenstein.
Michael Saylor tweeted,
This is auspicious for #Bitcoin coming from David Rubenstein. He is chairman of the Kennedy Center for the Performing Arts, former chairman of the Smithsonian Institution, chairman of the Council on Foreign Relations, & president of The Economic Club of Washington, D.C.
Mike Novogratz, CEO GALAXY CN, tweeted
Wow. This is really important. David Rubinstein is one of the most respected investors with the best DC ties ever.
With this large scale positive support, the Government needs to think twice before banning cryptocurrency in the future as its a long-term viability of digital assets now.
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