In a recent conversation with Bloomberg, David Rubenstein, co-founder and co-CEO of the Carlyle Group, a private equity behemoth with assets under management exceeding $385 billion, weighed in on the future of Bitcoin (BTC). His comments come at a time when BTC is gaining traction in traditional financial circles.
The Next Wall Street Giant Gets Orange-Pilled
Rubenstein began the conversation highlighting the growing institutional interest in the premier cryptocurrency, Rubenstein remarked, “What’s happened is people made fun of Bitcoin and other cryptocurrencies but now the establishment, Larry Fink at BlackRock, is now saying they’re going to have an ETF if approved by the government in Bitcoin so you’re saying wait a second, the mighty BlackRock is willing to have an ETF in Bitcoin, maybe Bitcoin is going to be around for a while.”
Rubenstein’s comments underscore a broader shift in perception among Wall Street giants. The potential entry of institutional behemoths like BlackRock, Fidelity, Invesco, VanEck and WisdomTree into the race for a first spot ETF is a testament to BTC’s potential longevity.
Reflecting on Bitcoin’s meteoric rise, Rubenstein candidly expressed his regret for not capitalizing on the cryptocurrency’s early days. “There is no doubt that Bitcoin is something that I wish I’d bought when it was $100, when Mike Novogratz started buying it. It’s now at $29,000, so he made a lot of money,” he noted.
Furthermore, Rubenstein emphasized the global demand for a currency that remains beyond the purview of governmental control. “A lot of people around the world want to be able to trade in a currency that their government can’t know what they have and they want to be able to move it around rightly or wrongly and so I don’t think Bitcoin is going away,” he stated during his Bloomberg TV appearance.
Reflecting on the intentions and why Wall Street’s giants are all entering the arena at the same time, Rubenstein remarked, “remember, Wall Street is in the business to make money. And this [BTC] is something they can probably make a lot of money with.”
While Rubenstein has previously disclosed investments in firms that enable crypto trading, he does not directly own any cryptocurrencies.
Bitcoin Price
After yesterday’s rumor that insiders at BlackRock and Invesco believe that the approval of a spot ETF is only a matter of when in a four to six month time frame, and not if, the BTC price put in a strong upward move that took the price above $30,300. Due to profit-taking, BTC fell back below $30,000. However, the bulls still well positioned for a breakout.
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