Following recent comments from JPMorgan CEO Jamie Dimon that Bitcoin was worthless, two well-known billionaires jumped in its defense – although both say ether has some even more desirable properties.
During an interview with CNBC’s Squawk Box on October 13th, Barry Sternlicht, co-founder of Starwood Capital Group, said that gold is actually “worthless” and that he has Bitcoin (BTC) in his hands because every government in the “Western Hemisphere” prints infinite amount of money.
Sternlicht has an estimated net worth of approximately $ 4.4 billion and is known for investing in the real estate market through Starwood Capital Group. The investment firm was founded in 1991 and has assets of approximately $ 95 billion (AUM).
Sternlicht was asked for his opinion on Jamie Dimon’s repeated skepticism about BTC as “worthless”.
“Gold is kind of worthless, and so is silver, I mean, they have some industrial uses, but they are insignificant. The reason I own Bitcoin is because the US government and every government in the Western Hemisphere is now 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. Cuban said that BTC was “better than gold” before saying that he believed Ethereum had the “greatest advantage” as an investment.
Although he favored BTC over gold, Sternlicht praised his support for Bitcoin with praise for Ethereum.
“Bitcoin is a stupid coin, it has no real purpose other than a store of value, and it is insanely volatile. Ether, I own some of it, it’s a programmable bitcoin and there are tons of other coins that are based on this system. “
“I’m very interested in blockchain technology as a whole and the digital ledger that is going to change everything, we’re probably about to inning one,” he added.
Related: Billionaire Bill Miller is in favor of Bitcoin but has doubts about Altcoins
However, not every billionaire is on board the crypto train. Larry Fink, chairman of the world’s largest wealth manager BlackRock ($ 9.4 trillion AUM), said he was “probably more on the Jamie Dimon camp.”
“I’m not a student of Bitcoin and where it’s going, so I can’t tell you whether it’s going to be $ 80,000 or $ 0. But I think digitized currency plays a big role, ”he said.