David Rubenstein is a billionaire that’s suddenly seeing bitcoin in a whole new light. He commented in a recent interview that bitcoin is here to stay, and that it’s likely to make huge waves throughout the financial arena.
David Rubenstein is a BTC Fan
The big thing that’s caused him to change his mind is the fact that BlackRock – one of the biggest standard monetary institutions in the world – has decided to enter the bitcoin industry through a new ETF application it’s submitted to the Securities and Exchange Commission (SEC). Up to this point, bitcoin and crypto have been part of a largely unregulated space, and the idea that BlackRock is willing to take a risk and try to enter its shaky borders is an interesting notion.
Rubenstein believes that BlackRock’s entry to crypto will make a lot of companies view the industry in a completely different way. He says they’ll see crypto as legitimate and mainstream, and they’ll likely do all they can to follow in BlackRock’s footsteps or at least make their own marks on the arenas as best they can. He said:
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… If the mighty BlackRock is willing to have an ETF in bitcoin, maybe bitcoin is going to be around for a while.
Rubenstein also said that he had personal reservations about failing to garner bitcoin when it was just $100 per unit. He believes he’s missed out on a valid opportunity and is warning others not to make the same mistake. He’s intrigued that bitcoin can’t be controlled or monopolized by a centralized government, and in times like these, where economic issues like inflation are running rampant, the idea of having an uncontrollable asset as part of one’s portfolio is the right way to go.
The Price is Up Again
Over the past few weeks, bitcoin has been suffering pricewise, and it was trading in the high $20K range for some time. However, it appears that the asset has jumped back into the low $30K arena for now. Still, some analysts don’t find the news very appealing, with figures like Chris Bendiksen – head of research at Coin Shares – commenting:
The rise in [the] bitcoin price, so far, is only about three percent off of recent lows. That’s well within its historic daily volatility profile, so it shouldn’t really warrant much excitement… To rekindle proper excitement in the markets, I believe we need to see a convincing breakout above $32,000 followed by a prolonged period of price holding above those levels.
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