Live on Bloomberg TV

00:00So you open the door to everyone's favorite topic across the national TV which is crypto currencies. All right. And you've had a chance to ask me what I think about crypto currencies. And I'm so excited. What do you think about crypto currencies. Well if you go to Las Vegas and you gamble because you like gambling it just gives you pleasure the way other things give you pleasure. Playing golf might give you pleasure or something if you get pleasure out of it. You allocate a certain amount of your net worth in salmon to take one or two percent net worth. I'm a lose it in Las Vegas. And if you win the first day and you win the second day you think you're really a genius and you're going to win money but eventually you lose. So it gives you pleasure to do the gambling allocate enough money that you can afford to lose. So with crypto that was my view for some time. If you get pleasure by watching the screens all day and saying you've just made a lot of money in crypto and so forth you know allocate enough. So if you lose it it's not the end of the earth. I now think that crypto is not going to go away the way some people have thought. And while you can argue it's worthless in some respects many things that people buy or maybe worthless I would say that it's clear that many people and many have a view of libertarian view of life or maybe more conservative view of life. And they they tend to be liking this kind of thing that's anti-government. The government doesn't control it. They want to have some of their assets and things that the government can't control or know what they're doing. And increasingly they've lobbied Congress pretty effectively to keep Congress from overregulating this industry. And I don't think it will be overregulated. But the thing about this if you're a Chinese wealthy person today you saw what happened that Russian oligarchs. Their assets were let's say more or less confiscated. If China were going to invade Taiwan I don't know that it will. And you're a Chinese entrepreneur. Are you worried that somebody could take away your assets. So how can you be sure you're not going to lose everything. Well you have you put your money in something called crypto where the government doesn't know what you have. You can move it anywhere around the world. It's not going to be devalued by government inflation. It's not the worst thing to put some of your money in. Now I have not invest any crypto currencies but I have invested in my family obvious through companies that service the industry because I think the industry is not going away anytime soon. And I can't pick which of the eighteen thousand crypto currencies are gonna work. But I think the industry is not going away. I also final point is as a general rule of thumb with some exceptions if you follow what young people are doing you're probably going to see economic trends follow. People who are in their 70s don't usually start economic trends really people that that got involved in Internet kinds of things or smart phones or computers they tended to be initially in their 20s. And the people who are often very involved in crypto tend to be in their 20s or 30s in some cases. And I interviewed one person in this book is a little bit older. Mike Novogratz and he's made a fortune in it but he's also lost a lot of money to it. But he's way way ahead. Other people who've made money in this in this area I think are generally younger but I don't think it's going to go away. My general view.

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David Rubenstein: Crypto Is Not Going Away

Carlyle co-founder and co-chairman David Rubenstein says cryptocurrency is not going away. He says crypto could be a good investment for people who are worried about government intervention or regulation. Rubenstein spoke about cryptocurrency and his new book "How to Invest" with Citadel founder and CEO Ken Griffin at the University Club of Chicago on Sept. 22. (Source: Bloomberg)