Rubenstein gave an overview of what the US Congress thinks about cryptocurrencies and its views on regulating the sector. The latter is here to stay, he said, despite the fact that some companies have been harmed by the recent price drop.
The billionaire had opposed cryptocurrencies, but he is now a supporter of this growing sector.
Congress’ position on cryptocurrency regulation
According to Mr. Rubenstein, members of Congress are not going to over-regulate the crypto industry. For him, those willing to spend money on lobbying tend to be cryptocurrency supporters in Congress.
He also cited Sam Bankman-Fried (CEO of FTX)’s admission that he spends a lot of time in Washington, DC lobbying Congress for crypto adoption.
David Rubenstein’s Cryptocurrency Predictions
The wealthy investor said ideas that defy logic are the most successful. He goes on to argue that the expansion of the cryptocurrency industry is driven by the younger generation. Rubenstein compared the rise of the personal computer market in the 2000s to the cryptocurrency market.
According to him, the ability to set trends often belongs to the younger generation. Trends are created by individuals in their twenties, and the cryptocurrency community is driving things forward for generations to come.
When asked if he meant companies like Coinbase, Rubenstein replied that they haven’t been doing all that well lately. The recent drop in cryptocurrencies has impacted them. However, the sector is not disappearing.
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Asked about his personal cryptocurrency holdings, he revealed that he bought Paxos. He went on to say that some blockchain businesses will thrive despite some challenges in the crypto industry.
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