Crypto Is Here To Stay, Says Billionaire Investor Rubenstein

David M. Rubenstein, a former US government official, and lawyer turned investor, is the latest billionaire to speak in favor of cryptocurrency.

Specifically, Rubenstein stated,

“Cryptocurrency is not going away, just like gold is not going away. So yes it’s had its ups and downs and yesterday (May 19) was not a good day for it, but that’s true of anything that’s relatively new.”

Rubenstein said this in an interview on CNBC’s Squawk Box. In addition, the comment was in response to a question about how much the recent crypto market crash can be attributed to “froth and momentum” that’s built up.

Rubenstein, who is the Co-Founder and Co-Chair of a global investment firm, The Carlyle Group, even compared crypto to gold. In fact, Rubenstein noted, “Crypto came from nowhere to be a force in the market. It’s in effect a gold substitute.”

The Carlyle Group manages over $260 billion, a fact that gives weight to Rubenstein’s opinion. The billionaire also disclosed that although he hasn’t invested in crypto he has invested in “various companies that make it easier to trade it.”

Meanwhile, fellow billionaire Elon Musk continues to oscillate on his crypto position. This week Musk seems bullish on crypto after tweeting that the race is between fiat and crypto. In which case Musk claims to lean more towards crypto.

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Source: https://coinquora.com/crypto-is-here-to-stay-says-billionaire-investor-rubenstein/