Renowned billionaire David Rubenstein believes that the world’s growing interest in the largest cryptocurrency, Bitcoin (BTC), and many altcoins means that they are now here to stay and will continue to be a part of the financial market. Here is Rubenstein’s prediction for the future of the cryptocurrency market.
David Rubenstein, the legendary investor and co-founder of the financial services giant Carlyle Group, stated in a recent interview with Bloomberg that with consumers showing increasing interest in private transactions, the interest in BTC and altcoins is growing worldwide. He said, “There is no doubt that when interest rates are this high, you don’t need gold or other things to provide you with a solid return. Yes, you can currently get a 5% return from treasury bonds, but eventually, it will decrease from this 5% level.” Rubenstein emphasized the attention on Bitcoin and altcoins and added:
I don’t think Bitcoin and more well-known altcoins will disappear. Having something that you can transfer and keep secret without the government’s knowledge is attracting great interest worldwide. You can say that people shouldn’t do this, but you cannot prevent them from doing it.
According to Rubenstein, although there is a difference of opinion among US officials regarding cryptocurrencies, the rest of the world is becoming increasingly open-minded and showing high interest in this field. The famous billionaire highlighted the fact that people have a significant demand for an alternative currency outside the jurisdiction of governments and said:
I think Democrats in the US Congress and especially the Securities and Exchange Commission (SEC) are skeptical about Bitcoin and altcoins. There is great interest in this outside of the US. The bankruptcy of FTX caused significant damage, but many people from all over the world want to be able to trade with a currency that their governments cannot know about and move this money right or wrong. That’s why I don’t think Bitcoin will disappear. I think Republicans on Capitol Hill support cryptocurrencies as much as possible.
At the time of writing this article, Bitcoin is trading at $29,575 with a 0.47% decrease in the last 24 hours. Data shows that the largest cryptocurrency has gained over 77% since the beginning of the year. On the other hand, data indicates that the altcoin king Ethereum, which is trading at $1,853 with a 0.17% decrease in the last 24 hours, has gained over 54% since the beginning of the year. Looking at the rest of the cryptocurrency market, it is noteworthy that some altcoins have gained over 100% and more since the beginning of the year.