In a recent conversation with Bloomberg, David Rubenstein, co-founder and co-CEO of the Carlyle Group, a private equity behemoth with assets under management exceeding $385 billion, shared his insights on the future of Bitcoin (BTC). As BTC gains traction in traditional financial circles, Rubenstein’s comments shed light on the growing institutional interest in the premier cryptocurrency.

Rubenstein began by acknowledging the paradigm shift occurring among Wall Street giants regarding Bitcoin. Notably, he highlighted the recent announcement by Larry Fink at BlackRock regarding their intention to launch a Bitcoin ETF, pending governmental approval. Rubenstein observed that such a move by BlackRock, a financial powerhouse, indicates that Bitcoin’s longevity is being recognized by the establishment.

This change in perception not only reflects the growing institutional interest in Bitcoin but also signals a significant potential for the cryptocurrency’s sustained growth. Rubenstein pointed out the possible entrance of institutional behemoths like BlackRock, Fidelity, Invesco, VanEck, and WisdomTree into the competition for the first spot ETF, further bolstering Bitcoin’s prospects.

Reflecting on Bitcoin’s meteoric rise, Rubenstein candidly expressed regret for not capitalizing on the cryptocurrency during its early days. He acknowledged the profitability associated with Bitcoin, stating, “There is no doubt that Bitcoin is something that I wish I’d bought when it was $100, when Mike Novogratz started buying it. It’s now at $29,000, so he made a lot of money.”

Furthermore, Rubenstein emphasized the global demand for a currency that remains beyond governmental control. He acknowledged that many individuals worldwide seek a means to trade in a currency free from government oversight, stating, “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. So I don’t think Bitcoin is going away.”

Rubenstein further commented on the motivations behind the sudden entry of Wall Street giants into the cryptocurrency arena. He noted that, ultimately, these institutions are driven by their objective to make money. The potential profitability associated with Bitcoin presents a compelling opportunity for these financial powerhouses.

It is worth mentioning that while Rubenstein has previously disclosed investments in firms enabling crypto trading, he does not personally own any cryptocurrencies.

Bitcoin’s price also played a central role in recent market developments. Rumors circulated that insiders at BlackRock and Invesco believe the approval of a spot ETF is only a matter of time, leading to a notable surge in BTC’s price above $30,300. Although some profit-taking subsequently pushed BTC below $30,000, bullish sentiment remains strong, positioning the cryptocurrency for a potential breakout.

The entry of Wall Street giants into the realm of Bitcoin signifies an evolving perception of the cryptocurrency’s potential among institutional investors. David Rubenstein’s remarks highlight the growing interest and recognition of Bitcoin’s longevity. With global demand for a decentralized currency and the promise of significant profits, Bitcoin continues to position itself as a promising asset in the financial landscape.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.