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Carlyle Group Founder: BlackRock's Entry Represents "Bitcoin Will Survive," But Remember Wall Street Aims to Make Money

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Carlyle Group Founder: BlackRock

The Carlyle Group founder David Rubenstein, in an interview with Bloomberg, mentioned his views on BlackRock's application for a Bitcoin spot ETF. He also believes that the SEC's failure in the Ripple case has diminished its ability to convince the government that cryptocurrencies pose high risks.

BlackRock's Entry Indicates "Bitcoin Will Stay"

David Rubenstein commented on BlackRock's application for a Bitcoin spot ETF:

While many are mocking Bitcoin and other cryptocurrencies, BlackRock has indicated that if their application is approved, their products will include a Bitcoin spot ETF, so I think maybe Bitcoin will stay for a while.

He made several points:

  1. Wall Street's BlackRock focuses on making money, with the value proposition of Bitcoin being secondary

  2. The Democratic Party is more skeptical of Bitcoin and cryptocurrencies compared to the Republican Party

  3. The FTX incident has indeed dealt a heavy blow to the crypto industry

  4. Many people hope for a currency that can bypass government surveillance

Furthermore, he does not fully agree with the notion that Bitcoin is digital gold. He believes that with a 5% bond interest rate, there is not much need to seek returns from gold or other investment targets.

SEC Regulation Lacks Clarity

David Rubenstein also mentioned the SEC's loss in the Ripple lawsuit, stating that after this defeat, the SEC no longer has the ability to convince the government that cryptocurrencies pose high risks, and he hinted that Gary Gensler, the chairman of the U.S. Securities and Exchange Commission, may not hold his position for long.

He also pointed out in a conversation with Galaxy Digital founder Mike Novogratz here that the SEC's loss in federal court is a huge victory for the cryptocurrency industry.

Mike Novogratz stated:

This balances the various views on what is right and wrong. Gary Gensler keeps reiterating that the regulations are very clear and to comply with the existing framework, but federal judges indicate that the regulations are not clear enough. Therefore, a very clear signal is that Gary Gensler is wrong because the regulations are not actually clear, and the U.S. Congress must establish a regulatory framework within a year.

Review: Ripple wins? SEC hits a wall! XRP is not a security but a non-investment contract, the crypto community gains its first regulatory victory?