Former Blockchain Critic Expresses New Interest in Crypto Firms

• David Rubenstein disclosed that he had personally invested in various cryptocurrency businesses.
• The billionaire is hopeful that the industry will eventually be regulated in the United States.
• His private equity firm manages $167 billion in assets, and its portfolio includes more than 270 operating businesses.

David Rubenstein, a co-founder of the Carlyle Group, who used to be a crypto skeptic, disclosed on September 2 that he had personally invested in various cryptocurrency businesses.

The billionaire stated in an interview with CNBC’s Squawk Box on Thursday that he thinks government regulation would benefit the sector and that the US Congress will adopt a cooperative strategy to foster an innovative climate in the nation. He said:

The crypto constituency is powerful in congress [and] they tend to be very Republican [or] very libertarian. The industry is not likely to be soft when dealing with members of Congress.

Rubenstein changed his attitude about cryptocurrency months ago after being doubtful. “I have not bought cryptocurrencies, but I have acquired firms that support the sector because I think the genie is out of the bottle,” he said on the Colossus podcast.

In keeping with his revised viewpoint, Rubenstein reaffirmed in the Thursday interview that some blockchain-related investments and things linked with crypto would likely stay with us for some time. The speaker added:

Young people tend to have the intelligence and enthusiasm to initiate trends.

The Carlyle Group was co-founded in 1987 by Rubenstein. The private equity firm manages $167 billion in assets, and its portfolio includes more than 270 operating businesses. According to Forbes, his real-time net worth was $3.3 billion as of publication.

Paxos, a blockchain infrastructure provider, secured $142 million in Series C fundraising in December 2020 led by Declaration Partners, an investment adviser to Rubenstein’s family office.