Billionaire investor David Rubenstein says that crypto has crossed a line into mainstream territory, and that the likelihood of digital assets disappearing at some point in the future is slim to none.
David Rubenstein: Crypto Is Here to Stay
Crypto has taken the world by storm over the past year. Bitcoin, for example, is the world’s largest and most popular digital asset by market cap. Trading for approximately $9,000 per unit last May, bitcoin ultimately incurred several price spikes that saw it trading in the $50,000 and $60,000 ranges less than a year later, though at the time of writing, the currency has fallen into the high $30,000 range, marking one of the biggest drops the asset has ever experienced.
Still, Rubenstein is confident crypto will last for a long time. In a recent interview, Rubenstein commented that while he has not invested in digital currencies specifically, he has placed a lot of his money into companies that either run on blockchain, delve in crypto technology, or facilitate digital trading in some way.
I did that in part because I think it is here to stay. Cryptocurrency is not going away, just like gold is not going away.
Also in the interview, Rubenstein took note of the currency’s heavy drop, and acknowledged that while it has fallen by nearly $30,000 since mid-April, this occurs at certain points for most assets, and that volatility is something all traders – whether they are in crypto or not – must get used to. He says:
It has its ups and downs, and yesterday was not a good day, but that is true of anything that is relatively new, and I do not think you are going to see anything like crypto going away and disappearing.
This view is shared by the likes of Anthony Scaramucci, the founder of hedge fund Sky Bridge Capital. Acknowledging the recent bitcoin slump, he stated his confidence that the bull run was still very much alive, commenting:
I think the bull market is intact for bitcoin. If you go over the different slides in bitcoin over the last 12 years, this is consistent with those slides.
The Appetite for Crypto Is Growing
For the most part, Rubenstein is not concerning himself with whether cryptocurrencies are the right way to go. He says that the appetite for them is growing, and so long as this continues, people will manage to keep the crypto space intact. He mentioned:
It is here because people in the market want something other than just the traditional currencies that we have had. If you go into cryptocurrencies, you should expect big ups and downs and big fluctuations. If you are not prepared for that, do not go into cryptocurrency.
In closing, he stated that it is unlikely the government is going to be able to get in the way of crypto’s further development.