The rich favor Bitcoin and Ethereum over gold
The rich seem to prefer Bitcoin over gold and even fiat money these days. And some have defended Bitcoin recently.
After JPMorgan CEO Jamie Dimon attacked Bitcoin and called it worthless, two rich people stood against him and defended it despite the fact that both of them are of the idea that Ethereum enjoys more features.
Billionaire Barry Sternlicht, in defense of Bitcoin, said that "The reason I own Bitcoin is that the U.S. government and every government in the western hemisphere is printing money now to the end of time". He said this on Wednesday during an interview with CNBC Squawk Box.
Sternlicht, who is the co-founder of Starwood Capital Group, called gold "worthless" and said he has invested his money in Bitcoin since because the "western hemisphere" government keeps printing money.
Mr. Sternlicht is a billionaire known for his real estate investments via Starwood Capital Group. He has a rough net worth of $4.4 billion. After Mr. Dimon called Bitcoin "worthless", Mr. Sternlicht was interviewed for his idea in that regard and 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 that the U.S. government and every government in the western hemisphere is printing money now to the end of time,"
Mr. Sternlicht's ideas were shared by another billionaire, Mark Cuban.He is the owner of the Dallas Mavericks and his wealth is a bit less than that of Mr. Sternlicht, $4.3 billion.
In his interview with CNBC on Wednesday, he said that Bitcoin is better than gold and even called Ethereum a better investment than Bitcoin.
"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".
He also expressed his zeal for blockchain technology:
"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,"
In contrast to the views of these billionaires, stands Larry Fink, who holds ideas more similar to those of Mr. Dimon, as he said he is "probably more in the Jamie Dimon camp".
"I’m not a student of Bitcoin and where it’s going to go, so I can’t tell you whether it’s going to $80K or $0. But I do believe there is a huge role for a digitized currency ".
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