David Rubenstein Former Blockchain Critic Exposes His Interests In Crypto Firms

David Rubenstein, a co-founder of the Carlyle Group, disclosed on September 2 that he had personally invested in a number of cryptocurrency businesses. Rubenstein is hopeful that the industry will eventually be regulated in the United States.

The billionaire said in an interview with CNBC’s Squawk Box on Thursday that he thinks government regulation will benefit the sector and that the U.S. Congress will adopt a cooperative strategy to foster the nation’s innovation climate.

He stated that the “crypto constituency is really powerful in congress [and] they tend to be very Republican [or] very libertarian.” The business community won’t likely be accommodating to Congressional representatives.

Rubenstein reportedly changed his mind about cryptocurrencies months ago after previously being dubious. “I have not purchased cryptocurrencies, but I have purchased firms that support the industry because I think the genie is out of the bottle,” he said on the Colossus podcast.

David Rubenstein reaffirmed his new viewpoint

On Thursday, David Rubenstein reaffirmed his new viewpoint, adding that “some of the blockchain-related investments and things associated with cryptocurrency are likely to remain with us for some time.” He added:

“Young people tend to have the intelligence and energy to kind of get trends started.”

Paxos, a provider of blockchain technology, raised $142 million in Series C funding in December 2020, with the help of Declaration Partners, a financial adviser to Rubenstein’s family office.

The Carlyle Group was co-founded in 1987 by Rubenstein. The private equity firm manages $167 billion in assets, and its portfolio includes more than 270 active businesses. His real-time net worth was $3.3 billion as of the time of publication, according to Forbes.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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