Billionaire David Rubenstein flips his view on crypto, says “genie is out of the bottle”

• The billionaire said that crypto has been gaining importance amid the current geopolitical situation.
• The Crypto market has entered a correction as of now with Bitcoin and Ether slipping under crucial support levels.

The Carlyle Group co-founder and billionaire investor David Rubenstein have put his views on cryptocurrencies once again. Referring to the current state of digital assets, he said that the “genie is out of the bottle”.

While speaking at the “Invest Like the Best” podcast, Rebuenstein said: “I have not bought cryptocurrencies, but I have bought companies that service the industry, because I think the genie is out of the bottle, and I don’t think the industry’s going to go away any time soon”.

Time and again cryptocurrencies have proved their mettle emerging as an important part of the global financial system. Rebuenstein was “skeptical of crypto in the beginning” saying that there was no underlying value to Bitcoin and other digital assets. However, his views have changed now.

“It’s clear to me now that many younger people don’t think there’s much underlying the dollar or the euro or other currencies,” he added. Well, he is much right about how the younger generation sees crypto. The young class is ready to support decentralized digital assets rather than those issued by a central agency.

The importance of digital assets is more apparent looking at the current geopolitical situation. Referring to the Russia-Ukraine crisis, Rubenstein said:

If you’re in Ukraine, or you’re Russia, and your country has lots of challenges and you want to have some assets, having some cryptocurrency probably enables you to feel better than you can have something that’s outside of the government’s control.

Major crypto market correction coming

Although cryptocurrencies have been at the center of all the geopolitical and financial discussions, they are still vulnerable to volatility. Bitcoin has et not been able to establish its place as a risk-off asset like Gold. Rather, we have seen Bitcoin and the crypto market showing much closer behavior to the Nasdaq 100 index.

BitMEX CEO Arthur Hayes believes that a major crypto market correction could be coming by June 2022. He expects the Nasdaq 100 Index (NDX) to head lower up to 10,000 levels and even below.

“Bitcoin and Ether are highly correlated to the Nasdaq 100. If the NDX tanks, it will take crypto down with it. I am buying crash June 2022 puts on both Bitcoin and Ether,” he said.

Hayes predicts that Bitcoin (BTC) could head to $30,000 and Ether (ETH) could head to $2,500 by the end of June 2022. After a strong performance last week, Bitcoin and the crypto market have been showing weakness once again.

Over the last weekend, the BTC price has corrected by 5 percent and is currently trading around $41,000 levels. On the other hand, Ethereum (ETH) has corrected 6% and is currently trading at around $3,000.