Governments wanting to stop cryptocurrency is “unrealistic at this point,” according to David Rubenstein a former Smithsonian Institution Chairman. Furthermore, he highlighted the importance of digital assets in the financial sector and expected that they would not be driven out.

Government Cannot Stop Cryptocurrency says, David Rubenstein

With the outstanding growth of the crypto market in the past few years, various analysts have expressed concern about a possible ban by world governments and the consequences for the industry.

However, David Rubenstein, Chairman of the Kennedy Center for the Performing Arts and Co-Founder of the American private equity company The Carlyle Group, argues that such a scenario is implausible.

In an interview with CNBC, the US billionaire and philanthropist said that cryptocurrencies exist and prosper because “market participants want something new than conventional currency.” He stated that digital assets are “here to stay” and that governments would be unable to halt their development.

“At this point, the notion that cryptocurrency will go away or that the government will prevent cryptocurrency from being something investors want is unrealistic.”

“Crypto has come from nowhere to be a force in the market … it’s here to stay. Cryptocurrency is not going away,” The Carlyle Group’s David Rubenstein #bitcoin. “The idea that the government is going to stop cryptocurrency from being something investors want is unrealistic.” pic.twitter.com/edMOpydAzp

— Squawk Box (@SquawkCNBC) May 20, 2021

With ongoing concerns about this week’s market crash, Rubenstein suggested people who have invested in the industry should expect similar major ups and downs from such an innovation. He also advised those who are not prepared to deal with the increased uncertainty to stay away.

While he has not personally invested in digital assets, Rubenstein said that he has allocated funds to companies in the industry.

His Words’ Importance

Shortly after the interview, all of the other cryptocurrency supporters took to Twitter to express their support for his stance.

Michael Saylor, CEO of MicroStrategy, was among the first. Aside from mentioning Rubenstein’s current and previous honors, the executive called his words “auspicious for Bitcoin.”

Travis Kling, Founder and CIO of Ikigai Asset, recalled Rubenstein as “the guy who recruited Jay Powell when he was at the Fed and was his boss for 8 years.” He also happens to operate one of the world’s largest and most swamp-connected private equity companies, The Carlyle Group.

Michael Novogratz, CEO of Galaxy Digital, said, “This is very significant,” and called Rubenstein “one of the most valued investors with the best DC connections ever.”