Following JPMorgan CEO Jamie Dimon’s recent comments that bitcoin is worthless, two well-known billionaires have jumped to its defense – though both maintain that ether has some even more desirable properties.
During an interview with CNBC’s Squawk Box on October 13, Barry Sternlich, co-founder of Starwood Capital Group, said that gold was really “worthless” and that he is holding onto bitcoin (BTC) because everyone in the “Western Hemisphere”. The government is printing infinite amount of money.
Sternlich’s net worth is estimated to be approximately $4.4 billion and is known for its investments in the real estate market through Starwood Capital Group. The investment firm was founded in 1991 and reportedly has about $95 billion in assets (AUM) under management.
sternlicht was Asked For his views on Jamie Dimon’s repeated skepticism about BTC being “useless”.
“Gold is also worthless, and so is silver, I mean they have some industrial uses but they are minor. The reason I have bitcoin is because the US government and every government in the Western Hemisphere is now printing money until the end of time. is,” he said.
Dallas Mavericks owner Mark Cuban, who has a net worth of $4.3B, echoed similar sentiments when speaking to CNBC Make IT on Wednesday. Cuban stated that BTC is “better than gold”, before adding that he thinks Ethereum has “the most upside” as an investment.
Despite favoring BTC over gold, Sternlich also qualified his support for bitcoin with praise for Ethereum.
“Bitcoin is a dumb coin, it has no real purpose other than a store of value, and it’s insanely volatile. So ether, I have some of those, it’s a programmable bitcoin and many others built on that system.” There are coins.”
“I have become very interested in blockchain technology as a whole, and with the digital ledger that is going to change everything, we are probably in a shift,” he said.
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Although not every billionaire boards the crypto train. Larry Fink, president of BlackRock ($9.4 trillion AUM), the world’s largest asset manager, said he is “probably more in the Jamie Dimon camp.”
“I am not a student of bitcoin and where it is going so I can’t tell you if it is going to $80K or $0. But I believe there is a bigger role for digitized currency, ” They said.