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Crypto, just like gold, is here to stay, says David Rubenstein

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Mark Jason Alcala reporter

Sun, 23 May 2021, 17:07 pm UTC

The Carlyle Group co-founder and co-chairman said that it's "unrealistic" for the government to stop crypto being something investors want.

Image by Miloslav Hamřík from Pixabay

David Rubenstein has joined the growing number of high-profile investors who believe in cryptocurrency’s longevity. The Carlyle Group co-founder and co-chairman believes that digital currencies, just like gold, won’t be going away anytime soon.

“Crypto has come from nowhere to be a force in the market,” Rubenstein said on CNBC’s “Squawk Box” in an interview. “It’s an effective gold substitute to some.”

The Carlyle Group co-chairman revealed that while he did not invest in cryptocurrencies directly, he made investments in companies that facilitate crypto trading. “I did that, in part, because I think it’s here to stay,” Rubenstein said. “Cryptocurrency is not going away just like gold is not going away.”

Many have been comparing Bitcoin to gold as a safe haven and store of value asset. For instance, Bloomberg senior commodity strategist Mike McGlone believes that the precious metal might be losing its ground to BTC as a safe-haven asset.

While many are concerned about cryptocurrencies’ price volatility, Rubenstein explains that it’s to be expected from a nascent asset class. “It has its ups and downs and yesterday was not a good day for it but that is true of anything that is relatively new,” he explained.

Cryptocurrencies are here to stay simply because there’s demand for them. “I don’t think you’re gonna see anything like crypto going away and disappearing,” Rubenstein said. “It’s here because people in the market want something other than just the traditional currencies that we’ve had. And whether that’s right or wrong, it’s clearly something that the market wants.”

However, the Carlyle CEO warned that investors should be aware of the volatility of digital assets before taking the plunge. “If you go into cryptocurrency, you should expect bit ups and downs and big fluctuations,” he added. “If you’re not prepared for that, don’t go into cryptocurrency.”

Rubenstein also shared his views on possible government regulation. “The idea that cryptocurrency is going to go away or that the government is gonna be able to stop cryptocurrency from being something investors want I think is unrealistic at this point,” he said.

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