Billionaire David Rubenstein says Bitcoin (BTC) is now going nowhere due to a wave of mass interest in the king crypto that has spread around the world.
In a new interview with Bloomberg, the legendary investor and co-founder of the financial services company Carlyle Group says interest in BTC and other prominent crypto assets is on the rise worldwide as consumers increasingly desire private transactions.
“There’s no question that when interest rates are this high, you don’t need to have gold or anything else to get a solid return because you get 5% on government bonds. But eventually [that] 5% will come down at some point.
I don’t think Bitcoin and other better-known cryptocurrencies will disappear. There is huge interest around the world in being able to have something that you can transfer without the government knowing about it and keeping it private. You can say that people shouldn’t do that, but that doesn’t stop people from doing it.”
According to Rubenstein, while there is disagreement about crypto among US officials, the rest of the world is becoming increasingly open-minded. He says people have a strong desire for an alternative currency beyond the reach of governments.
“I think the Democrats in Congress and especially the people who regulate, the SEC, are skeptical of Bitcoin and other cryptocurrencies. But there is a lot of interest outside the United States. I think FTX really hurt when it went out of business…
But many people around the world want to be able to trade in a currency that their government doesn’t know what they have and they want to move [it] round, rightly or wrongly. And so I don’t think Bitcoin will go away. I think the Republicans on Capitol Hill were pretty supportive.”
The SEC currently has lawsuits against Coinbase and Binance, two of the largest crypto exchanges in the world, alleging that the platforms sold unregistered securities.
Bitcoin is trading at $29,735 at the time of writing, a fractional increase over the past 24 hours.
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