Billionaire David Rubenstein predicts the future of crypto-currency regulation

David Rubenstein also shed some light on the U.S. Congress’s view of crypto and its position on regulating the industry. While some companies have been hurt by the recent price drop, the industry is here to stay, he explained.

The businessman was previously skeptical of crypto-currencies, but now supports the emerging industry.

David Rubenstein’s prediction about crypto

The billionaire said that things that go against conventional wisdom would be the most successful. It is the younger generation that is driving the growth of the crypto sector, he added. Rubenstein drew a comparison between the personal computer boom of the 2000s and the crypto industry.

“I’m optimistic about crypto-currencies in the sense that the biggest fortunes are made when people go against conventional wisdom. But right now, crypto is getting beaten to the punch. But I have personally invested in the companies that surround the industry, not just crypto itself. But the companies that serve the industry.”

When asked if he meant companies like Coinbase, Rubenstein said. “They actually haven’t done so well lately. They’ve been hit by the crypto downturn. But the industry is not going away.“

Congress – its regulatory view on crypto

David Rubenstein believes that members of the U.S. Congress will not over-regulate the industry. Crypto is very strong in Congress, they tend to be Republican, libertarian and willing to spend on lobbying, he said. He also pointed to Sam Bankman-Fried’s recent revelation that he spends a lot of time lobbying Congress in Washington for crypto. Asked about the FTX CEO’s investments in crypto companies when the industry was going through a crisis, Rubenstein said he did a pretty good job.

“Young people tend to have the intelligence to start trends. They’re not septuagenarians saying, ‘Let’s go into personal computers.’ It’s people in their 20s who are starting trends, and right now it’s crypto that’s driving things forward.”

When asked about his own investments in crypto, he said he invested in Paxos. Despite some of the pressures of the crypto ecosystem, he added that some of the blockchain companies would succeed.