David Rubenstein credited a younger generation with popularizing cryptocurrency, and said Congress was unlikely to significantly disrupt the industry with regulation.
A 2013 New York Times article said Bitcoin "isn’t ready for popular consumption, and it may never be," calling it a "high-risk experiment."BITCOIN REMAINS IN THE $40,000 RANGE
Yet according to Pew Research, 16% of Americans say they have traded, invested in or otherwise used a cryptocurrency, and nearly 90% say they have heard at least a little about cryptocurrency. While 16% is still much lower than the 56% of Americans who own stock, according to a 2021 Gallup survey, it is a drastic increase from the 1% who said they had collected, traded or used Bitcoin in 2015.
Rubenstein said the popularization of cryptocurrencies is not unlike that of other new and emerging technologies."Anything that comes along when people don't really know what it is at the beginning - the Internet, e-commerce, Twitter, whatever it might be - it takes time for people to get used to it," he told Fox News Digital at the Milken Institute's 2022 Global Conference. "Now, cryptocurrencies are well known.
"I think people who are younger tend to feel it's a good investment or good to own some of it," he said. "Many younger people think that people in my generation have managed to devalue the currency or have borrowed so much money that the currency isn't worth what it's supposed to be worth."
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