Gold is “worthless.” Billionaire Barry Sternlicht buys Bitcoin and Ethereum.

Gold is “worthless.” Billionaire Barry Sternlicht buys Bitcoin and Ethereum.

Another legendary investor revealed his positions in Bitcoin and Ethereum. Speaking to CNBC, billionaire Barry Sternlicht claimed to have bought BTC and ETH by joining Elon Musk, Michael Saylor and Paul Tudor Jones.

Sternlicht’s fortune is approximately $ 4 billion. He is one of the founders of the Starwood Capital Group. The investment fund manages assets worth $ 60 billion.

Like Jones and Saylor, Sternlicht is concerned about central banks and their monetary policies that may cause their currencies to inflate. Thus, the legendary investor decided to diversify his Bitcoin and Ethereum portfolio as a hedge against this phenomenon.

In addition, Sternlicht took the opportunity to address comments made by JP Morgan Chase CEO Jamie Dimon about Bitcoin. A few days ago, the director called BTC “worthless” after a long list of rejecting comments Dimon has made over the years.

In response, the Sternlicht stated that gold, one of the most common utility assets and storehouse of value, is “worthless”. The investor said:

What Jamie Dimon was talking about is that gold and silver are a bit worthless too. They have some industrial uses, but they are minor. They are a storehouse of value. The reason I own Bitcoin is because the US government and every government in the Western Hemisphere are printing money now and will always print it (…).

The characteristics of BTC, its ability to transfer value around the world, and its limited supply are other reasons that convinced Sternlicht to enter the cryptocurrency market.

18-10-2021, Mr Advice TEAM

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