Bitcoin News

Bitcoin Is Here to Stay as BlackRock Adds Layer of Legitimacy

In a recent interview with Bloomberg, David Rubenstein, the distinguished investor and co-founder of The Carlyle Group, expressed his unwavering confidence in the lasting significance of Bitcoin. Rubenstein highlighted the evolving perspectives of major financial institutions, including BlackRock, towards this cryptocurrency.

Rubenstein underscored BlackRock’s recent interest in launching a Bitcoin exchange-traded fund (ETF), contingent on regulatory approval. He emphasized that such a move by a powerhouse like BlackRock could serve as a substantial validation of Bitcoin’s enduring presence within the financial landscape, stating, “If the mighty BlackRock is willing to have an ETF in Bitcoin, maybe Bitcoin is going to be around for a while.”

Reflecting on Bitcoin’s trajectory, Rubenstein acknowledged the spectrum of reactions it has elicited, from derision during value downturns to jubilation during price surges. He highlighted BlackRock’s involvement as an important milestone that bolsters Bitcoin’s legitimacy, transcending past volatility.

Recalling Bitcoin’s early days when it was valued at a mere $100 per unit, Rubenstein marveled at its current valuation of around $29,000, recognizing the substantial gains reaped by early adopters. Despite its price fluctuations, Rubenstein noted Bitcoin’s global appeal as a private transaction medium, enabling individuals worldwide to conduct transactions beyond government scrutiny.

The conversation also delved into regulatory considerations, including the cautious stance of U.S. SEC Chair Gary Gensler on cryptocurrencies. Rubenstein acknowledged that recent legal setbacks, such as the Ripple case, have exposed vulnerabilities in the SEC’s arguments.

The interview culminated in an exploration of Bitcoin’s potential roles as a cross-border exchange medium and a store of value. Rubenstein discussed the allure of cryptocurrencies, especially during periods of low-interest rates, as alternative avenues for achieving stable returns.

Ultimately, Rubenstein hinted at the potential uncertainty surrounding Gensler’s tenure as SEC Chairman, suggesting that regulators opposed to certain financial innovations might be “weighed out” over time. Rubenstein’s affirmations underscore a growing sentiment within the financial world that Bitcoin is transitioning from being merely a speculative asset to a legitimate contender in the broader financial ecosystem.


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