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

Following the recent comments from JPMorgan CEO Jamie Dimon that Bitcoin is worthless, two well-known billionaires have come to his defense.Although both say that ether has some even more desirable properties.

During an interview with CNBC’s Squawk Box on Oct. 13 Barry Sternlicht, the co-founder of Starwood Capital Group, said that gold is actually “worthless” and that he is betting on Bitcoin (BTC) because all the governments in the “Western Hemisphere” print endless amounts of money.

It is estimated that Sternlicht has approximately $ 4.4 billion net worth and is known for its investments in the real estate market through Starwood Capital Group. The investment firm was founded in 1991 and reportedly has approximately $ 95 billion in assets under management (AUM).

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

It will askedTo Sternlicht for his opinion on Jamie Dimon’s repeated skepticism that BTC is “worthless”.

“Gold has no value like silver, that is, it has some industrial uses, but they are of little concern. The reason I own Bitcoin is because the United States government and all the governments of the Western Hemisphere are printing money until the end of time, ”he said.

Dallas Mavericks owner Mark Cuban, who has a net worth of $ 4.3 billion, expressed similar views when speaking with CNBC Make IT on Wednesday. Cubans said BTC was “better than gold” before stating that he believed Ethereum was the “longest-running investment.”.

Although BTC is preferred over gold, Sternlicht went on to recognize his support for Bitcoin with praise for Ethereum..

– Bitcoin is a stupid currency, it has no real purpose but to store value and it is insanely volatile. So Ether, I own a little bit of it, it’s a programmable Bitcoin and there are tons of other currencies built on top of this system.

“I was very interested in blockchain technology as a whole and in the digital ledger that will change everythingWe are probably at the first base, ”he added.

However, not all billionaires jump on the cryptocurrency bandwagon. Larry Fink, president of the world’s largest wealth manager BlackRock (with $ 9.4 trillion in assets under management), stated that “he’s more likely to be in Jamie Dimon’s field.”.

“I’m not a bitcoin student and where will it go?So I can’t tell you whether it will hit $ 80,000 or $ 0,000. But I think digitized currency plays a big role, ”he said..

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