David Rubenstein, Carlyle Group's Co-Founder and Co-CEO, evaluated the future of Bitcoin in a recent conversation with Bloomberg, and touched on the growing acceptance of BTC in traditional financial circles and the regulatory challenges it still faces.
Rubenstein's comments focused on BlackRock's interest in the Bitcoin exchange-traded fund (ETF), signaling a potential shift in perception of the coin.
The conversation began with a humorous nod to Michael Novogratz, whom Rubenstein calls “Bitcoin's piñata.” Novogratz, one of the leading names in the cryptocurrency world, has been the subject of both praise and ridicule for Bitcoin's price fluctuations.
“Bitcoin Is Here Permanently”
Rubenstein suggested that the prospect of a large institutional company like BlackRock entering the cryptocurrency space supports the potential longevity of Bitcoin.
“Although people are quick to make fun of Bitcoin and other cryptocurrencies, the fact that Larry Fink on BlackRock said they will have an ETF in Bitcoin… Obviously, Bitcoin will be around for a long time,” Rubenstein said.
Rubenstein expressed the regret experienced by many who did not have the opportunity to invest in Bitcoin in their early years. He recalled Bitcoin's staggering journey from $100 to its current price point of $29,000 and said that those who bought at $100 saw significant gains.
“I don't think Bitcoin is going to fade away,” Rubenstein said, observing that Republicans in Congress have taken a relatively supportive stance.
*Not investment advice.