After recent comments from JPMorgan CEO Jamie Dimon that bitcoin is worthless, two well-known billionaires rushed to the defense — though both say ether has more desirable properties.
In an October 13 interview with CNBC’s Squawk Box, Starwood Capital Group co-founder Barry Sternlicht said that gold is actually “useless” and that he uses Bitcoin (BTC) because every government in the “Western Hemisphere” prints a number Endless amounts of money. .
Sternlicht has an estimated value of $4.4 billion and is best known for her real estate investments through Starwood Capital Group. The investment firm was founded in 1991 and is said to have assets under management of approximately $95 billion.
Sternlecht was asked to comment on Jamie Dimon’s repeated suspicions that Bitcoin is “worthless.”
“Gold is as useless as silver. I mean, they have some kind of industrial use, but they are secondary. The reason I own bitcoin is because the US government and every government in the Western Hemisphere is now printing money until the turn of the century,” he said.
Dallas Mavericks owner Mark Cuban, who has a net worth of $4.3 billion, echoed similar sentiments when he spoke to CNBC Make IT on Wednesday. Cuban said that bitcoin is “better than gold” before saying that he believes Ethereum has “the greatest growth potential” as an investment.
While Sternlicht preferred BTC to gold, he also praised his support for Bitcoin for Ethereum.
“Bitcoin is a stupid currency, it has no real purpose other than a store of value and is insanely volatile. So, Ether, some of it belongs to me, it is Bitcoin programmable, and many other coins are built on this system.”
He added, “I am very interested in blockchain technology in general and the digital ledger that is going to change everything, potentially making one.”
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However, not every billionaire is on the crypto train. It’s probably a bit like Jimmy Dimon’s camp, said Larry Fink, chairman of BlackRock, the world’s largest asset manager ($9.4 trillion).
“I don’t study bitcoin, and I don’t know where it is going, so I can’t say if it will go to $80,000 or $0. But I think digital currency plays a big role,” he said.