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Billionaire Investor Warns of Risky Cryptocurrency Territory ‘Wild West’ After FTX Drop

Billionaire Investor Warns of Risky Cryptocurrency Territory 'Wild West' After FTX Drop

The co-founder of one of the world’s largest and most successful investment firms issued a warning on the crypto market on Thursday amid the collapse of FTX.

“It’s very risky, it’s very difficult, and people don’t have the information they would get if it was properly regulated. It’s really unregulated and so to some extent it’s the Wild West. walk away completely,” said David Rubenstein, co-founder of the Carlyle Group, on Morning with Mary.

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Philanthropist David Rubinstein at the Washington Monument Tuesday, September 17, 2019, in Washington, DC. (Photo by Matt McClain/The Washington Post via Getty Images) ((Photo by Matt McClain/The Washington Post via Getty Images)/Getty Images)

The crypto space has been the subject of controversy and criticism since its inception in 2009, with many investors discussing the risks associated with the industry at length. Rubenstein warns investors against the lack of security in cryptocurrencies, arguing that this is a “very difficult area” for those who are not “professionals”.

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“If you go to Las Vegas and you enjoy gambling, you know you will lose money. So if you enjoy gambling, fine, so take an amount of money that you’re happy to lose, fine. crypto, maybe it’s the same,” Rubenstein told Maria Bartiromo of FOX Business. “But you know you will probably lose it. So if that suits you and you’re losing some money, fine.”

Host Maria Bartiromo inquired about the potential contagion problem emerging in the crypto industry, to which Rubenstein responded, “We should be concerned.” However, he added, the cryptocurrency “is not going to disappear.”

“There are many people around the world who are still willing to invest in this. Even if FTX has the same problems as other companies, they won’t go away overnight. They just won’t disappear,” Rubenstein. said. “People all over the world would say, well, I don’t want my assets taken away if, for example, my country invades Taiwan. Therefore, some wealthy Chinese may say: I want to have some things in assets that no one can know about. there, and then no one can take them away.

Image FTX

UKRAINE – 31/01/2022: In this photo illustration, the logo of FTX, a cryptocurrency exchange, is displayed on a smartphone screen. (Photo illustration by Pavel Gonchar/SOPA Images/LightRocket via Getty Images) (Pavlo Gonchar/SOPA Images/LightRocket via Getty Images) / Getty Images)

“I don’t think it will disappear completely,” Rubenstein continued. “But obviously it’s badly damaged and a lot of people will suffer from it.”

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Written by khirou

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