In an intriguing turn of events, billionaire private equity mogul David Rubenstein articulated his conviction that Bitcoin is likely to stick around thanks to the enlarging institutional interest, citing an example of BlackRock’s intent to introduce a bitcoin ETF. His belief is buttressed by the global demand for a money form uninfluenced by government control.
He made this intriguing revelation during a Bloomberg TV interview, where he expressed a dash of remorse for not entering the Bitcoin market when its value languished at a meagre $100. Rubenstein, the co-founder and co-chairman of private equity behemoth Carlyle Group, also suggested that the growing institutional attention towards cryptocurrencies might compel those who had once ridiculed them to rethink their stance.
As a case in point, he cited that the establishment, even financial heavyweights like BlackRock, which is spreading the embrace around digital assets by applying for an ETF in Bitcoin. It indeed signals a strong message that calls for a second thought; if BlackRock, the financial titan, is intending to back Bitcoin, then probably dismissing it outrightly might not be a judicious move.
Rubenstein, an investor in companies that enable crypto trading, further elaborates on the fuzz surrounding the legal milieu of cryptocurrencies. Commenting on the flurry of enforcement actions from the U.S. Securities and Exchange Commission (SEC), spearheaded by Chair Gary Gensler, he highlights that Ripple’s recent legal victory evidences that the SEC yet needs to present a substantial case in the courts to establish cryptocurrencies as “bad.”
On the one hand, Rubenstein’s remarks put forth a strong case for the longevity and potential mainstream acceptance of Bitcoin and other such digital currencies. On the flip side, they bring up the ever-recurring issue of the lack of adequate legal framework and standardization around the space of cryptocurrencies. While companies like BlackRock’s entry might usher in an era of more significant acceptance and growth, the legal enigmas continue to hover as clouds of uncertainty. This swirling constellation of opinions and unfolding events transcends the narrative of cryptocurrencies beyond an ‘either-or’ discourse and opens up a multi-faceted perspective on the phenomenon.
Source: Coindesk
