Billionaires are backing Bitcoin over gold, some even considering Ethereum being even better. These comments follow after Jamie Dimon, the JPMorgan Ceo, who called Bitcoin useless.
Other billionaires, including, Barry Sternlicht, were asked for their take on Dimon’s negative opinion on BTC. Gold is the useless one having only minor industrial uses, was Sternlicht’s response to it, insisting on the importance of Bitcoin.
Sternlicht’s net worth goes up to $4.4 billion, and he is mostly recognized for his investment in real estate. His firm started in the early years of 1991 and is reported to oversee roughly $95 billion in assets (AUM).
The co-founder of Starwood Capital Group explained that the reason he is holding on to BTC is that every government in the western hemisphere is already printing great amounts of money that will last for a lifetime.
Another billionaire with a net worth of $4.3 billion, Mark Cuban, expressed similar feelings on Wednesday’s talk on CNBC. The owner of Dallas Mavericks declared that Bitcoin is better than gold, then went on to praise Ethereum even more. ETH has the most benefits from all cryptocurrencies, added Cuban.
In the same light, Sternlicht also echoed his support for Ethereum, even saying the latter has more value than Bitcoin. He explains that although favoring Bitcoin over gold, the crypto value is very risky and does not have many benefits. However, he does own ETH as it is less volatile and safer to invest in.
Barry Sternlicht seemed highly interested in blockchain technology in general and believes that these digital coins will transform the world and the future belongs to them.
Many billionaires have faith in the future of crypto, however, not everyone thinks the same. The BlackRock chairman sides with Jamie Dimon. He explains that he is not into Bitcoins and cannot predict whether the crypto giant will go up or down, however, he admits that digital coins do have a great role.