Billionaire investor David Rubenstein has expressed regret about not purchasing Bitcoin when it was priced at just $100 per unit.
Speaking to Bloomberg on Tuesday, Rubenstein remarked that he wished he had taken the opportunity to buy Bitcoin at that early stage, acknowledging the substantial profits that early adopters have since enjoyed.
“There’s no doubt that Bitcoin is something that I wish I had bought at a hundred dollars a Bitcoin when Mike Novogratz started buying it. It’s now at twenty-nine thousand dollars so he’s made a lot of money,” he said. Novogratz is the current CEO of crypto investment firm Galaxy Investment Partners.
Rubenstein’s candid reflection comes as Bitcoin has seen both staggering highs and notable declines in value, capturing the attention of both seasoned investors and newcomers alike. Notably, however, the cryptocurrency’s journey from relative obscurity to mainstream prominence has been marked by unprecedented price appreciation, making those who invested early significant gains.
The billionaire investor also highlighted the changing dynamics within the financial sector. He noted that the entry of established institutions, such as BlackRock, into the Bitcoin space adds a layer of credibility to the cryptocurrency market.
“People make fun of Bitcoin and other cryptocurrencies but now the establishment of Larry Fink at BlackRock is now saying they’re going to have an ETF if approved by the government in Bitcoin,” said Rubenstein, adding “So you’re saying, wait a second, the mighty BlackRock is willing to have an ETF in Bitcoin. Maybe Bitcoin is going to be around for a while.”
Addressing Bitcoin’s role as a store of value, Rubenstein further drew parallels to traditional assets like gold and silver. He dismissed concerns that regulatory challenges would lead to the demise of cryptocurrencies, citing the sustained interest in digital assets worldwide.
This is not the first time Rubenstein has expressed his bullish stance on Bitcoin, even as several other billionaires maintain a more pessimistic outlook. In 2021, during a period of market turbulence, the businessman confidently asserted during an interview with CNBC, “Cryptocurrency is not going away, just like gold is not going away.”
Rubenstein has also disclosed personal investments in companies facilitating crypto trading, emphasizing that cryptocurrencies are a substantial and lasting addition to the financial landscape.