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Bitcoin Better than Gold, But What About Ethereum?
Two popular billionaires have come to Bitcoin’s defense after JPMorgan’s CEO Jamie Dimon ‘dared’ to call the top crypto asset “worthless”.
In an interview with CNBC’s Squawk Box on Wednesday, the co-founder of Starwood Capital Group, Barry Sternlicht, said gold to be “worthless” that he is a Bitcoin HODLER because every government in the “western hemisphere” is running the money printer non-stop..
Sternlicht is known for his investments in the real estate market via Starwood Capital Group and is estimated to have a net worth of around $4.4 billion. Starwood Capital was founded in 1991 and has almost $100 billion in assets under management (AUM).
“Gold is kind of worthless,” says Barry Sternlicht. “The reason I own #bitcoin is because the U.S. government and every government in 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.” pic.twitter.com/72zYQTjF0y
— Squawk Box (@SquawkCNBC) October 13, 2021
“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,” Sternlicht told CNCBC.
When asked for his opinion on Jamie Dimon’s skepticism over Bitcoin being “worthless,” Sternlicht said:
“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.”
Another billionaire echoed similar sentiments. Speaking to CNBC Make IT on the same day, Dallas Mavericks owner Mark Cuban, with a net worth of $4.3B, said that Bitcoin is “better than gold.”
Cuban told CNBC that he thinks Ethereum has the “most upside” as an investment. And Sternlicht also went on to qualify his support for Bitcoin with praise 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.”
— CNBC (@CNBC) October 13, 2021
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Author: Peter Siu