Co-founder of Carlyle Group David Rubenstein said on Friday that he has been investing tentatively into the cryptocurrency sector.
Once a known critic of the sector, Rubenstein’s stance on cryptocurrency has softened over the past weeks.
Speaking to CNBC’s Squawk Box, the billionaire acknowledged that cryptocurrency has a place in finance after all.
However, he is a stickler for the rules and argued that governmental regulation is desirable, unlike Mark Cuban, a fellow investor who argues that the government should have less say in cryptocurrencies lest it defeats their purpose.
Rubenstein is optimistic about the future of cryptocurrencies. He believes that US Congress is doing away with dated notions of what cryptocurrencies and blockchain are.
But even then, Rubenstein is not buying cryptocurrencies outright. He would rather focus on the companies that engage in crypto.
“I have not bought cryptocurrencies, but I have bought companies that service the industry because I think the genie is out of the bottle”, Rubenstein said.
Crypto skepticism still persists, and the recent downturn in the market and $2tr sell-off of assets is definitely not helping matters.
However, the sector’s longevity and ability to carry on despite all is another reason why so many people have decided to change their position of complete denial.
Even Warren Buffet’s Berkshire Hathaway is making forays into the crypto sector even though Charlie Munger, Buffet’s right-hand man, continues to grumble and complain at the mere mention of cryptocurrencies.
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