Billionaire David Rubenstein compares cryptocurrencies to gambling and says investors take risks for this reason
Billionaire David Rubenstein says that crypto investors are essentially gambling in casinos and that he identified the motivation behind it.
In a new interview on crypto influencer Anthony Pompliano's YouTube channel, the Bloomberg host says that traders choose to buy crypto assets because they trust governments and fiat currencies less.
“I used to say that if you go to Vegas and you like to gamble there, [if] it gives you a form of happiness and pleasure to know that in the end you are going to lose the money if you stay there long enough because the The odds are always in the house's favor, go ahead and do it, but don't lose more money than you can afford to lose.
Put one, two or three percent, if it gives you pleasure, that's fine. I used to say the same thing about cryptocurrencies, if you want to speculate, you want to read about everything that's going on there, you like the excitement of cryptocurrencies, fine, put one or two or three percent.
Today, what I clearly think is happening is that more and more people are making more than one or two or three percent and that reason is [because] people have less confidence in governments in general and their currency it is devaluing, so they think that cryptocurrencies will not devalue in that way.”
Rubenstein goes on to say that investors, particularly the wealthy, can enjoy the financial confidentiality that owning crypto assets could bring.
"There's a lot of excitement in secrecy, a lot of excitement that nobody knows what you really own, a lot of Russian oligarchs saw their assets taken away by Western governments, and a lot of other rich people around the world are probably saying, 'well, I want to have some assets that no one can seize, no one knows I have,' and that's what cryptocurrencies do."
Sep 02, 2022