Billionaires support Bitcoin over gold … but some say Ethereum is even better


Following recent comments from JPMorgan CEO Jamie Dimon that Bitcoin is worthless, two well-known billionaires have come to its defense – although both say Ether has even more desirable properties.

In an interview with TUSEN’s Squawk Box on October 13, Barry Sternlicht, the co-founder of Starwood Capital Group said that gold was actually “worthless” and that he kept Bitcoin (BTC) because each government of the “western hemisphere” prints endless amounts of money.

Sternlicht is estimated to have a net worth of around $ 4.4 billion and is known for his investments in the real estate market through Starwood Capital Group. The investment firm was founded in 1991 and is said to have approximately $ 95 billion in assets under management (AUM).

See also  Mexican president rules out accepting crypto as legal tender

Sternlicht was demand for his take on Jamie Dimon’s reiterated skepticism that BTC is “worthless”.

“Gold is also a bit worthless just like silver, I mean they have industrial uses but they are minor. The reason I own Bitcoin is because the US government and all governments in the world ‘western hemisphere print money until the end of time,’ he said.

Dallas Mavericks owner Mark Cuban, who has a net worth of $ 4.3 billion, echoed similar sentiments when he spoke with TUSEN Make IT on Wednesday. Cuban said BTC is “better than gold,” before going on to say that he believes Ethereum has the “most benefit” as an investment.

See also  Gaming company NFT Animoca Brands acquires majority stake in Bondly

Although he favored BTC over gold, Sternlicht also qualified his support for Bitcoin with praise for Ethereum.

“Bitcoin is a dumb coin, it has no other purpose than a store of value, and it’s incredibly volatile. So Ether, I own some of it, it’s programmable Bitcoin and there is tons of other parts that are built on this system.

“I’ve become very interested in blockchain technology as a whole, and the digital ledger that’s going to change everything, we’re probably up to the task,” he added.

See also  Stripe Creates New Crypto Payments Team Three Years After Ditching Bitcoin

Related: Billionaire Bill Miller pleads for Bitcoin, doubts altcoins

However, not all billionaires are on the crypto train. Larry Fink, chairman of the world’s largest asset manager, BlackRock ($ 9.4 trillion in assets under management), said he was “probably more on Jamie Dimon’s side.”

“I’m not a student of Bitcoin and where it’s going to go, so I can’t tell you if it’s going to $ 80,000 or $ 0. But I think there is a huge role for a digital currency,” did he declare.