Following recent comments from JPMorgan CEO Jamie Dimon that Bitcoin is worthless, two famous billionaires have defended it – although both say ether has some even more desirable properties. Bitcoin
In an interview with CNBC’s Squawk Box on October 13th, Barry Sternlicht, co-founder of Starwood Capital Group, said that gold is really “worthless” and that he hoards Bitcoin (BTC) because all the governments in the “Western Hemisphere” print endless amounts of money.
Sternlicht has an estimated net worth of approximately $ 4.4 billion and is known for its investments in the real estate market through Starwood Capital Group. This investment firm was founded in 1991 and is believed to have approximately $ 95 billion (AUM) of assets under management.
Starlight is inquiry as his attitude towards Jamie Dimon rekindled the skepticism about BTC as “worthless”.
“Gold is also worthless, as is silver, I mean they have some industrial uses, but they are secondary. The reason I own Bitcoin is because the US government and every government in the Western Hemisphere is currently printing money through the end of time, ”he said.
Mark Cuban, the owner of the Dallas Mavericks, who has a net worth of $ 4.3 billion, echoed the same opinion when speaking with CNBC Make IT on Wednesday. Cuban said that BTC was “better than gold” before saying that he believed Ethereum had the “greatest advantage” as an investment.
Despite BTC’s preference over gold, Sternlicht continues to qualify pro-Bitcoin with praise for Ethereum.
“Bitcoin is a stupid coin, it has no real purpose other than a store of value, and it is volatile. Ether, I own some of these, it’s a programmable bitcoin and there are many other coins based on this system. “
“I’m very interested in blockchain technology in general and digital ledgers are going to change everything, we could be in the first half,” he added.
Related: Billionaire Bill Miller supports Bitcoin, but doubts Altcoins
However, not every billionaire is on the crypto train. Larry Fink, president of the world’s largest wealth manager BlackRock ($ 9.4 trillion AUM), claims he is “probably more in the Jamie Dimon camp.”
“I’m not a student of Bitcoin and where it’s going, so I can’t tell you whether it will go to $ 80k or $ 0. But I think digital currency plays a big role, ”he said.