Genie is Out of the Bottle: Billionaire David Rubenstein on Crypto

The American billionaire businessman and former government official – David Rubenstein – reiterated his support for the cryptocurrency sector. He argued that “the genie is out of the bottle,” and the industry is here to stay.

Crypto Has Advantages Over Fiat

Becoming a crypto proponent after initially opposing the matter happens often. One such individual is the renowned businessman and Chairman of the Council on Foreign Relations – David Rubenstein.

In a recent interview, the American (who has also worked in the White House during the Carter Administration) admitted he was once skeptical about crypto because he thought “there’s nothing underlying this.”

However, at a later stage, Rubenstein started realizing the merits of bitcoin and the altcoins. In times of surging inflation and financial crisis, digital assets could be a much better solution than fiat currencies as they provide decentralization and privacy:

“So I think many people like the fact that it’s private. You can’t really know how much somebody owns. They like to be able to transfer around the world.”

Rubenstein believes cryptocurrencies could be extremely valuable to people in Ukraine and Russia as both countries are passing through a severe financial crisis caused by the military conflict:

“Having some cryptocurrency probably enables you to feel better that you can have something that’s outside of the government’s control, and it’s not dependent on the bank opening up its doors to you.”

Despite praising their advantages, the American said he had not allocated some of his wealth to cryptocurrencies. On the other hand, he has invested in companies that are part of the sector:

“I have bought companies that service the industry because I think the genie is out of the bottle, and I don’t think the industry’s going to go away anytime soon.”

David Rubenstein, Source: Chiefexecutive.net

Governments Can’t Stop Crypto

Rubenstein’s previous comments on the matter came in May last year. Back then, he outlined governments’ chances to stop cryptocurrencies as “unrealistic.” He doubled down on his belief that digital assets are here to stay, forecasting they could play a significant role in the monetary system.

He explained that the industry exists and thrives because “people in the market want something different than traditional currency.”

Subsequently, Rubenstein touched upon crypto’s notoriously volatile nature. He noted that significant price swings are normal as the industry is still in its early days. He also advised those who are not ready to face the enhanced volatility to stay away.

Featured Image Courtesy of BusinessInsider