David Rubenstein, the billionaire co-founder  of private equity firm Carlyle Group, says that investing in Bitcoin is akin to gambling, and that waning confidence in governments is leading to greater belief in speculation. 

Speaking in a recent interview with Anthony Pompliano, Rubenstein compared trading in cryptoassets to that of gambling at a casino. He noted that investors were deriving a similar level of “happiness and pleasure” from betting on crypto as they would at a casino, and that he historically cautioned traders to limit their speculation in digital assets to “one or two or three precent.”

However, Rubenstein says a deepening lack of confidence in governments and the ongoing devaluation of fiat currencies has led traders to place greater trust in speculation. According to the billionaire, investors in digital assets hold the belief that crypto will be more resilient to the general economic decline that is sweeping global markets. 

Rubenstein continued, arguing that crypto offered an alluring alternative form of money for those distrustful of governments and traditional systems. He highlighted some of the privacy and security features of crypto as being particularly appealing to certain groups of investors. 

As reported by The Daily Hodl, Rubensein said, 

There’s a lot of thrill in the secrecy of it, a lot of thrill that nobody knows what you actually own, a lot of Russian oligarchs saw their assets being taken away by Western governments and many other wealthy people around the world are probably saying, ‘well I want to have some assets that nobody can confiscate, nobody knows that I have [them],’ and that’s what cryptocurrencies do.

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