A wealthy heavyweight in the private equity industry named David Rubenstein has voiced great belief in the continued importance of Bitcoin (BTC) as a powerful financial instrument. Rubenstein credits the rising institutional interest, which is shown by BlackRock’s proposal for a spot bitcoin exchange-traded fund (ETF), for this lasting position. He also attributes Bitcoin’s resiliency to the yearning for an international currency that is independent of official regulation.
In a recent interview on Bloomberg TV, Rubenstein emphasized the rising need for a currency that provides some amount of anonymity and mobility while being free of state oversight. He said with assurance that “I don’t think bitcoin is going away” because “a lot of people around the world want to be able to trade in a currency that their government can’t know what they have and they want to be able to move it around rightly or wrongly.”
Rubenstein, a co-founder and co-chair of the prestigious private equity behemoth Carlyle Group, openly said that he missed the chance to buy Bitcoin when its price was $100. He noted the changing dynamics, highlighting how the initial mistrust against cryptocurrencies is changing in light of the growing interest from financial behemoths like BlackRock.
As Rubenstein said, there has been a clear movement in opinion inside the crypto sphere, going from derision to acceptance. He emphasized BlackRock’s plans to launch an ETF for bitcoin, subject to regulatory clearance. The move was significant, according to Rubenstein, who said, “What’s happened is people made fun of bitcoin and other cryptocurrencies but now the establishment, Larry Fink at BlackRock, is now saying they’re going to have an ETF in bitcoin if approved by the government so you’re saying wait a second, the mighty BlackRock is willing to have an ETF in bitcoin, maybe bitcoin is going to be around for a while.”
Rubenstein has already revealed his personal involvement in businesses that facilitate bitcoin trading, which is important to note. He made it clear, nevertheless, that he did not directly hold any cryptocurrencies.
Rubenstein’s observations provide light on the changing narrative around Bitcoin’s continuing significance in the global financial landscape as institutional interest continues to soar and conventional banking behemoths realize the potential of digital assets.
