Billionaire David Rubenstein is optimistic about the future of crypto-currencies through regulation

Billionaire David Rubenstein, founder of Carlyle Group, believes that US lawmakers will not push to unduly regulate the crypto industry. Noting that he is bullish on crypto, the billionaire investor said, “the greatest fortunes are made when people go against conventional wisdom“.

David Rubenstein is optimistic about crypto-currencies

Billionaire David Rubenstein, co-founder of the Carlyle Group, one of the largest investment firms, shared his outlook on crypto-currencies in an interview with U.S. broadcaster CNBC on Thursday.

Responding to the question of whether he is optimistic about crypto-currencies, the billionaire explained:

I’m optimistic in the sense that I think the greatest fortunes are made when people go against conventional wisdom.

“Who knows where the crypto will be, but for now, it’s been beaten to a pulp“, he pointed out, indicating opportunities in the sector.

He went on to confirm that he was a crypto investor. “Not just the crypto itself, but I’ve personally invested in the companies that surround the industry, not just the crypto currencies themselves, but the companies that serve the industry“, said the co-founder of the Carlyle Group. Coinbase is an example of one of those companies, Rubenstein said, adding that these companies “haven’t actually done that well lately“due to the decline in crypto prices.

Nevertheless, Rubenstein pointed out:

But in the long run, I don’t think the industry will disappear.

The billionaire was skeptical about crypto at first. However, in April, he revealed that he had changed his mind about crypto.

Regarding the regulation of crypto-currencies, he told the media outlet that in his opinion, “members of the U.S. Congress are not going to push to unduly regulate this industry.“

Rubenstein opines that:

The crypto constituency is very strong in Congress. They tend to be Republican, libertarian, and very willing to spend money on lobbying.

“I don’t think the industry is going to be gentle in dealing with members of Congress. I think they’re going to be pretty aggressive, and I think members of Congress are going to act in not pushing regulations to do more than they’re already doing“, the Carlyle Group co-founder noted again.