Will we be allowed to make 3 wishes? – Is it Spring, time to take off or return your jacket? In any case, this is what the latest pirouette by David Rubenstein, the co-founder and co-director of the Carlyle Group. The iconic billionaire at the head of one of the biggest asset management groups in the world has just reviewed its historical position on (against) cryptos. Decryption.
Billionaire’s word on cryptos, “the genie came out of the lamp”
As easy to criticize as complex to understand, cryptocurrencies are debated. Obvious for some, pure scam for others. Although the market has been generally sluggish since November 2021, the “fundamental” assessment of the last two years should be appreciated at its fair value.
Despite the current state of your portfolio, big actors (specialized or not) invest massively in the area. We are talking here about investments to build and continue to professionalize the sector, not about short-term trading and even less about casino gambling.
Based on blockchain technology, cryptocurrencies are both an innovation and a revolution, digital if necessary. It is therefore largely understandable that the most brilliant investors of the last century or the early 2000s are overwhelmed by the subject. To the point of denying its potential and missing the emergence of a new means of exchanging value on the internet.
More and more testimonials from eminent so-called traditional investors (from the equity market, commodities, etc.) say it: some have missed the wave and therefore find themselves a bit frustrated with their past decisions. The Carlyle Group CEO is the latest.
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Investing in cryptos? “I was skeptical at first”
Among the reasons that led him to change his judgment on crypto assets, the war in Ukraine played a major role. Indeed, as you can read every week on the Journal du Coin, cryptos have played and play a decisive role in times of war, when the central control bodies are weakened.
” I did not buy cryptocurrencies, but I bought companies that deploy services for the industry (crypto, editor’s note) because I believe that the genie came out of the lamp. »
Rubinstein has therefore become an indirect player in the crypto sector, through its recent acquisitions. He even goes on to paraphrase a Forbes analyst saying cryptos are here to stay.
“I don’t think the industry will disappear overnight. […]. If you’re in Ukraine or Russia, your country is facing big challenges, and you want to own assets, holding a bit of cryptocurrency probably makes you feel like you own something outside of government control. »
Functional in times of peace, functional in times of war… The sad events that punctuate Eastern Europe are a tragic example, a concrete “use case” (so dear to the crypto ecosystem). In any case, this is what helped Rubinstein to reassess his position.
His testimony is part of other recent statements and in particular that of Jamie Dimon, CEO of JP Morgan bankrecognizing that blockchain and decentralized finance (DeFi) represented innovations that his group is at the forefront of.
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