David Rubenstein Takes a Positive Look at the Entire Crypto Ecosystem
To fully understand why this announcement is necessary, we must go back in detail to the career of David Rubenstein. Son of an American postal service agent and a stay-at-home mother, the latter was born on August 11, 1949, in Baltimore in the United States and had a brilliant academic career that led him in 1973 to graduate from the University of Chicago Law School.
And a little less than 15 years later, David Rubenstein decides to found the Carlyle Group in the company of William Conway Jr. and Daniel D'Aniello; the firm will quickly become a juggernaut in the investment world with management of more than 293 billion dollars in assets and 1,800 employees in 31 offices around the world.
Thus, although it is synonymous with great success, it is easy to see that the billionaire's profile is highly conventional and echoes personalities such as Warren Buffett. But unlike the latter, who has always displayed a certain lack of interest or even contempt for the crypto ecosystem, and this is because he does not invest in a sector he does not fully understand, David Rubenstein is more open, and this testifies to a growing interest on the part of institutional fortunes for the universe of cryptocurrencies.
Admittedly, David Rubenstein had also expressed doubts about the entire sector a few years ago. However, he vocalized his change of opinion as early as last April when the market was in the middle of its downward trend. This trend is still ongoing despite a temporary stabilization in recent weeks.
It is precisely on this subject that the American billionaire expresses his opinion. Thus he declares the following words:
"I'm optimistic in the sense that I think the greatest fortunes are made when people go against conventional wisdom."
David Rubenstein thus recognizes the poor results of the crypto market, without the slightest doubt linked to a more global context which is also impacted by a downward trend. Nevertheless, he thinks that it is precisely in this particular context that the average investor can make the most profit. By this, he specifies and adds:
"Right now, the crypto market has been beaten dramatically. But the industry is here to stay and won't go away over time.
In addition, the American billionaire has also declared that he is an integral part of the sector, both as an investor in specific cryptocurrencies and as an actor in certain companies that revolve around the ecosystem. Rubenstein thus asserts: "I have
personally invested in companies that surround the industry, not just cryptocurrencies themselves, but companies that serve the industry. Unfortunately, these companies haven't been doing very well lately".
Coinbase (NASDAQ: COIN) is one such company that Rubenstein mentions. Today as of Monday, September 5, the share price is currently $ 65.26, representing a drop of nearly 80% from its all-time high of $342.48 on November 12, 2021.
Despite this, David Rubenstein says he is optimistic about the sector's future and regulations from American regulators. He noted that Congressmen will push to regulate the entire industry slowly. In addition to this, he continues: "The crypto
constituency is powerful in Congress. They tend to be on the Republican or Libertarian side, plus they're quite willing to spend money on lobbying."
The United States Congress, which exercises power over the United States federal budget and the country's trade and defense, is currently showing an open position on the issue of crypto-assets and seems ready to dialogue. A few months ago, representatives from FTX, Coinbase, Bitfury, Paxos, Circle, and the Stellar Development Foundation were heard to discuss the ecosystem's future.