In an interview with CNBC on Wednesday, Barry Sternlicht, chairman and CEO of Starwood Capital Group, an investment firm with over $95 billion in assets under management (AUM), discussed bitcoin and cryptocurrencies. Sternlicht’s net worth as of Oct. 14 is $4.4 billion, according to Forbes’ list of billionaires.
The CEO of Starwood Capital admitted to owning bitcoin and ether, adding that cryptocurrency made sense as a method to diversify investment portfolios.
In response to JPMorgan CEO Jamie Dimon‘s comments on bitcoin being worthless, he remarked, “Gold is kind of worthless too.” When discussing bitcoin as a means of storing wealth, he stated:
The reason I own bitcoin is because the U.S. 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.
Despite holding Bitcoin, the wealthy CEO stated, “Bitcoin is a dumb coin.” It has no real purpose other than as a store of value, and it is crazily volatile.” He went on to explain why he owned ether. “So, ether… I own some of it. It’s a programmable Bitcoin, and there are tons of other coins built on that system.”
Additionally, Sternlicht stated that he has “become very interested in blockchain technology as a whole.” He feels that technology is “going to change everything,” and that “we’re probably in inning one.”
Patrick.
Author
In an interview with CNBC on Wednesday, Barry Sternlicht, chairman and CEO of Starwood Capital Group, an investment firm with over $95 billion in assets under management (AUM), discussed bitcoin and cryptocurrencies. Sternlicht’s net worth as of Oct. 14 is $4.4 billion, according to Forbes’ list of billionaires.
The CEO of Starwood Capital admitted to owning bitcoin and ether, adding that cryptocurrency made sense as a method to diversify investment portfolios.
In response to JPMorgan CEO Jamie Dimon‘s comments on bitcoin being worthless, he remarked, “Gold is kind of worthless too.” When discussing bitcoin as a means of storing wealth, he stated:
The reason I own bitcoin is because the U.S. 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.
Despite holding Bitcoin, the wealthy CEO stated, “Bitcoin is a dumb coin.” It has no real purpose other than as a store of value, and it is crazily volatile.” He went on to explain why he owned ether. “So, ether… I own some of it. It’s a programmable Bitcoin, and there are tons of other coins built on that system.”
Additionally, Sternlicht stated that he has “become very interested in blockchain technology as a whole.” He feels that technology is “going to change everything,” and that “we’re probably in inning one.”
Patrick.
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