Private Equity owner David Rubenstein has said that cryptocurrencies are going nowhere and are most likely going to stay relevant for a much longer time.
David also denied any claims about the crypto market failing in the future. Speaking to CNBC on the “Squawk Box” show, David said that he hasn’t invested in any crypto assets himself just yet, but he has invested in some companies that support the use of cryptocurrency for transactions. Referring to Gold, David stated that crypto trading is going to stay in the market just like Gold has.
CEO of Galaxy Digital, Mike Novogratz, also gave importance to David’s statements, saying in a tweet that David has been one of the most respected investors and his views have value. One of David’s important statements also mentioned that cryptocurrency is like an alternative to Gold in the eyes of many investors. He gave this statement after the huge crypto market crash that happened a few days ago, bringing many currencies, including Ethereum and Cardano, to their knees. David said that this isn’t the first time that market crashes have happened, but this one was a massive hit, but still, it isn’t going to eliminate crypto from the market because it still has a lot of potential left in it.
Something new for the market
David continued by saying that the market is hungry for a new financial system to arise, giving traders and investors all sorts of new opportunities to trade, regardless of it being good or bad. Commenting on the Volatility of cryptocurrencies, David stated that investors should be ready for huge fluctuations in prices, and if they are not ready to absorb the changes, then they probably should not consider investing in crypto assets.
Hopes still high
Some people believe that the crypto market was in a bubble that has finally burst, but many investors still believe that the crypto market has a lot more room to grow and should not be dropped. The recent huge crash has definitely hurt the market. Ethereum dropped from a record $4,200 to just $1,900, now recovered back to around $2200. Meanwhile, Bitcoin dropped to a low of $32,000 and now recovers back to $36,000. Even after all this, people like Anthony Scaramucci and founder of Skybridge Capital, has said that a bullish run of Bitcoin and other currencies is still imminent.