Billionaires are backing Bitcoin over gold … however some say Ethereum is even higher
Following JPMorgan CEO Jamie Dimon’s latest feedback that Bitcoin is nugatory, two well-known billionaires have leapt to its protection — though each of them say Ether has some much more fascinating properties.
During an interview with CNBC’s Squawk Box on Oct. 13, Barry Sternlicht, the co-founder of Starwood Capital Group mentioned that gold was truly “worthless” and he’s hodling Bitcoin (BTC) as a result of each authorities within the “western hemisphere” is printing limitless quantities of cash.
Sternlicht is estimated to have a internet price of round $4.4 billion and is understood for his investments in the actual property market through Starwood Capital Group. The funding agency was based in 1991 and reportedly has round $95 billion price of belongings below administration (AUM).
“Gold is kind of worthless too, and so is silver, I mean they have some industrial uses but they are minor. 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,” he mentioned.
Dallas Mavericks proprietor Mark Cuban, who has a internet price of $4.3B, echoed related sentiments when he spoke to CNBC Make IT on Wednesday. Cuban mentioned that BTC is “better than gold,” earlier than happening to say that he thinks Ethereum has the “most upside” as an funding.
Despite favoring BTC over gold, Sternlicht additionally went on to qualify his help for Bitcoin with reward for Ethereum.
“Bitcoin is a dumb coin, it has no real purpose other than a store of value, and it’s crazily volatile. So Ether, I own some of that, it’s a programmable Bitcoin and there are tons of other coins that are built on that system.”
“I’ve become very interested in blockchain technology as a whole, and the digital ledger which is going to change everything, we’re probably in inning one,” he added.
Related: Billionaire Bill Miller advocates for Bitcoin, however uncertain on altcoins
Not each billionaire is on board the crypto prepare nevertheless. Larry Fink the chairman of the world’s largest asset supervisor BlackRock ($9.4 trillion AUM) said that he’s “probably more on the Jamie Dimon camp.”
“I’m not a student of Bitcoin and where it’s going to go so I can’t tell you whether it’s going to $80K or $0. But I do believe there is a huge role for a digitized currency,” he mentioned.