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American billionaire Barry Sternlich reveals he bought bitcoin for inflation protection.

American billionaire Barry Sternlich reveals he bought bitcoin for inflation protection.


Despite saying that it is “crazily volatile,” the American billionaire Barry Sternlicht admitted he owns some bitcoin. Apart from it, he also has some holdings of the second-largest cryptocurrency – ether. The co-founder of the investment fund Starwood Capital Group, Barry Sternlicht, opined in a recent interview with CNBC that bitcoin is a financial tool that can help against the mass printing of fiat currencies. 

 

“US government and every government in the western hemisphere is printing money now to the end of time.”

Unlike traditional government-issued currencies, the digital asset has a pre-determined maximum supply of 21 million ever to exist, which has urged Sternlicht to purchase some, “The reason I own bitcoin is that the US government and every government in the western hemisphere is printing money now to the end of time. And this is a finite amount of something, and it can be traded globally.” Nonetheless, the 60-year-old billionaire does not seem to be a BTC maximalist, for example, arguing that the only real purpose of the leading digital asset is a store of value.

 

Several prominent names now hold bitcoin.

The list of prominent names who have allocated some of their wealth in the cryptocurrency market goes from politicians to investors and celebrities. One of the most prominent names from the traditional financial industry that started this idea of buying BTC to protect himself against the rising inflation was Paul Tudor Jones III. The billionaire investor has made several investments in crypto to do so. As reported earlier, the Republican Senator Cynthia Lummis revealed she owns five BTC, which she bought in 2013 when its USD value stood at $300 apiece. Last week, she admitted that she topped up her holdings with between $50,001 to $100,000 worth of the digital asset in August.





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