Billionaires are backing Bitcoin over gold … but some say Ethereum is even better

Two well-known billionaires have jumped to the defense of Bitcoin following Jamie Dimon, CEO of JPMorgan’s comments that Bitcoin was worthless. However, both men claim Ether has more desirable properties.

Barry Sternlicht, co-founder of Starwood Capital Group, stated that gold is actually worthless and that he is holding Bitcoin (BTC). This is because every government in “western hemisphere” is printing infinite amounts of money.

Sternlicht, who is thought to have a net worth around $4.4 billion, is well-known for his investments in real estate via Starwood Capital Group. According to reports, the investment firm has assets under management of $95 billion.

Sternlicht was asked his opinion on Jamie Dimon’s repeated skepticism about BTC being “worthless.”

“Gold and silver are kind of worthless, but they have minor industrial uses.” He said that Bitcoin is my reason for owning it because the U.S. government, and all governments in the western hemisphere, is printing money now until the end of the time.

Mark Cuban, Dallas Mavericks owner, has a net worth $4.3B. He spoke with CNBC Make IT Wednesday. Cuban stated that BTC is “better” than gold, before stating that Ethereum offers the “most upside” for an investment.

Sternlicht, despite favoring BTC over Gold, also praised Ethereum and qualified his support for Bitcoin.

“Bitcoin, a dumb cryptocurrency, has no real purpose, other than to store value and is extremely volatile. Ether, that’s what I have, it’s a programmable bitcoin and tons of other coins are built on that system.

He said, “I have become very interested blockchain technology as a whole and the digital ledger that is going to transform everything, we’re probably at inning one.”

Related: Bill Miller, a billionaire, advocates Bitcoin but is skeptical about altcoins

However, not every billionaire is aboard the crypto train. Larry Fink, the chairman of BlackRock ($9.4 Trillion AUM), stated that he is “probably more on board the Jamie Dimon camp.”

“I don’t know much about Bitcoin or where it will go, so I can’t give you any information on whether it will be $80K or $0. He said that he believes there is a significant role for a digital currency.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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