in

Here’s Why Billionaire Real Estate Mogul Barry Sternlicht Owns Two Different Crypto Assets

Here’s Why Billionaire Real Estate Mogul Barry Sternlicht Owns Two Different Crypto Assets


Billionaire and real estate magnate Barry Sternlicht says that he owns Bitcoin (BTC) and Ethereum (ETH) for a number of reasons.

In a new interview with CNBC’s Squawk Box, the chief executive of Starwood Capital says that he’s invested in crypto due to his concerns regarding endless money printing and what he sees as questionable monetary policies.

 

“The reason I own BTC is because the US government and every government in the Western hemisphere is printing money now until the end of time, And this is a finite amount of something, and it can be traded globally and people have fiat currencies whether it’s in Nigeria or… Bolivia or wherever, you can move into something that the world has accepted as a substitute for gold.”

Referencing JPMorgan CEO Jamie Dimon who said he thinks Bitcoin is “worthless”, Sternlicht argues that the same case could be made for gold.

“What Jamie Dimon talked about, I mean gold is kind of worthless too, silver [as well], they have some industrial uses, but they’re minor.”

The billionaire says that while Bitcoin is minimal in its purposes, he sees high potential in Ethereum’s ecosystem, plus all of blockchain technology in general.

“Since it’s 18 million float of 21, I think Bitcoin… It’s the biggest. It’s a dumb coin, it has no real purpose other than a store of value, and it’s a little crazily volatile. So Ether, which is right below it, I own some of that. That’s a programmable Bitcoin, and then there are tons of other coins that are built off of that system… I’ve become very interested in blockchain technology as a whole, the digital ledger is going to change everything…”

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/pinkeyes





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

The Philosophy of Bitcoin and How it Could Change the World As We Know It

Binance Smart Chain (BSC) Broke a New Record, 100 Million Unique Addresses

Binance Smart Chain (BSC) Broke a New Record, 100 Million Unique Addresses