Cryptocurrencies are here to stay, another billionaire affirms

David Rubenstein, a private equity titan, has voiced his support for Bitcoin and other cryptocurrencies amid the market crash. The billionaire dismissed suggestions that the market is a bubble that will pop in the future.

During an appearance on CNBC’s Squawk Box, Rubenstein revealed that he does not have a personal investment in any cryptocurrency. However, he has invested in firms that facilitate cryptocurrency trading. According to him, the industry is “here to stay” and “is not going away, just like gold is not going away.”

Rubenstein, who is a former government official agreed that some investors are turning to Bitcoin as a substitute for gold. He also noted that there is a growing appetite for an alternative to the existing traditional financial system.

His latest comments came a day after Bitcoin along with other altcoins collectively lost over $350 billion of their market cap in a flash crash. Rubenstein explained:

It has its ups and downs, and yesterday was not a good day. That’s true of anything that is relatively new, and I don’t think you’re going to see anything like crypto going away and disappearing. It’s here.

Speaking of market fluctuations, Rubenstein advised investors to avoid the sector if they are not prepared for “big ups and downs and big fluctuations.”