Billionaire businessman David Rubenstein said he is bullish on the crypto assets industry. Despite regulatory pressures, he predicted that some of the blockchain companies would be successful in future. He also shed some light on the Congress’ view of crypto and its position to regulate the industry. Although some companies have been hurt by the recent decline in prices, the industry is here to stay, he explained.
The businessman was earlier a sceptic of crypto but is now supporting the emerging industry.
David Rubenstein Crypto Prediction
The billionaire investor said things that go against conventional wisdom would success the most. It is the generation of young people that are driving the crypto industry growth, he added. Rubenstein drew a comparison with the personal computers boom in 2000s to the crypto industry.
“I am bullish on crypto in the sense that greatest fortunes are made when people go against conventional wisdom. But right now crypto is beaten down. But I have invested personally in the companies that surround the industry, not just crypto itself. But companies at that serve the industry.”
Asked if he means companies like Coinbase, Rubenstein said he means those type of companies. “They have not actually done that well lately. They have been hurt by crypto decline lately. But the industry is not going away.”
Congress – Its Regulatory View On Crypto
Rubenstein said he thinks members of the Congress are not going to regulate the industry unduly. Crypto is very strong in Congress, they tend to be republican, libertarian and ready to spend on lobbying, he stated. He also pointed to Sam Bankman-Fried’s recent revelation that he spends a lot of time lobbying Congress in Washington DC for crypto. Asked about the FTX CEO’s investments in crypto companies when the industry was going through a crisis, Rubenstein said he did a pretty good job.
“Young people tend to have the intelligence to get trends started. It’s not people in their 70s who say ‘Let’s go into personal computers.’ It’s people in their 20s who make trends happen and right now it’s the crypto people who are moving this forward.”
When asked about his own investments in crypto, he said he invested in Paxos. Despite some of the pressures that come with crypto ecosystem, he added that some of the blockchain companies would succeed.
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Source: https://coingape.com/billionaire-david-rubenstein-predicts-future-of-crypto-regulation/