David Rubenstein: I Wish I Bought Bitcoin at $100

this is perfectly timed because Nova grass has been the pinata of Bitcoin when it goes down it's been the genius of Bitcoin when it goes up and all of a sudden Larry showed up at the door to say hey big respectable firms can prosecute and do Bitcoin link Lawrence Fink of BlackRock to Mike novogratz well what's happened is people as you suggest make fun of Bitcoin and other cryptocurrencies but now the establishment of Larry Fink at uh 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 Lisa wants to jump in here but I'm going to cut to the news moment as Carlisle announcing this morning a Bitcoin advocacy no I don't think so but there's no doubt that Bitcoin is something that I wish I had bought it at a hundred dollars a Bitcoin when when Mike novograd started buying it it's now at twenty nine thousand dollars so he's made a lot of money and a lot of people who bought it at the hundred dollars or less are feeling pretty good now we went up as high as 61 000 I think even down to Thirty One Thousand or even twenty nine thousand now is still pretty good profit if you bought in a hundred we all wish we would have bought it at a hundred and to write it up it's one thing for BlackRock to come up with an ETF because they believe in the proposition of Bitcoin it's another because they see a profitability uh proposition where they can you know basically take advantage of the interest other people have I mean isn't that more of what this is that basically Wall Street is saying if there is a market for it and we can viably make one for them and make some money why not well remember Wall Street is in business to make money and this is something they can probably make money of them you have to remember the United States uh government has been somewhat skeptical of it I think Democrats in the Congress and particularly the people regulating the SEC are skeptical of Bitcoin and other cryptocurrencies but outside the United States there's a lot of interest in it I think FTX really hurt when it went bankrupt and it hurt the the crypto industry but 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 I think the Republicans on Capitol Hill have been pretty supportive of it there's a difference between having a seamless cross-currency payment basically saying that instead of going to Western Union I can go and just uh transfer something in Bitcoin if it has a stable enough price that's one proposition but the proposition of Bitcoin is a store of value that could kind of be bid up the way that gold or silver could seems to have been parked with the Advent of yield suddenly that you can get for actual money I mean isn't that sort of the feeling that you're getting well there's no doubt that when when interest rates are as high as they are you don't need to have gold or other kinds of things to get you some solid return because when you get five percent on treasuries but eventually five percent will be coming down at some point I don't think Bitcoin or cryptocurrencies that are the better ones the better known ones Bitcoin so a number of others are going to go away there's enormous interest around the world and being able to have something you can transfer without the government knowing about it and keep it private and you know you can say what people shouldn't do that but that's not going to stop people from doing it Mr Metz I'm Mr Gensler what did he say about the efforts of our chairman of the Securities and Exchange Commission well Gary Gensler who's the chairman of the SEC is not a big fan of of cryptocurrency I think that's fair to say but he lost the major case recently in court where he was trying to argue that uh one of the cryptocurrencies Ripple was uh was a security and he lost that case so I think the SEC has not been able to convince these the government yet or at least the courts that cryptocurrency is such a dangerous thing and I remember a lot of people in the government now are thinking that Gary gentzer won't be the chairman of the SEC forever wanted to go I mean these guys just wait them out right I think that's a strategy it's very popular in Washington waiting out Regulators you don't like

Channel: David Rubenstein

Views: 14,641

Keywords: Bitcoin, Currencies, David Rubenstein, Larry Fink, Lisa Abramowicz, Michael Novogratz, Tom Keene, bitcoin, cryptocurrnecies

Id: -ua2ZwdB4eE

Length: 3min 52sec (232 seconds)

Published: Tue Aug 08 2023