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



Following JPMorgan CEO Jamie Dimon’s latest feedback that Bitcoin is nugatory, two well-known billionaires have leapt to its protection — though each of them say Ether has some even extra fascinating properties.

Throughout an interview with CNBC’s Squawk Field on Oct. 13, Barry Sternlicht, the co-founder of Starwood Capital Group stated that gold was really “worthless” and he is hodling Bitcoin (BTC) as a result of each authorities within the “western hemisphere” is printing limitless quantities of cash.

Sternlicht is estimated to have a internet price of round $4.4 billion and is recognized for his investments in the true property market by way of Starwood Capital Group. The funding agency was based in 1991 and reportedly has round $95 billion price of belongings beneath administration (AUM).

Sternlicht was requested for his tackle Jamie Dimon’s reiterated skepticism over BTC being “worthless.”

“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 because the U.S. government and every government in the western hemisphere is printing money now to the end of time,” he stated.

Dallas Mavericks proprietor Mark Cuban, who has a internet price of $4.3B, echoed comparable sentiments when he spoke to CNBC Make IT on Wednesday. Cuban stated that BTC is “better than gold,” earlier than occurring to say that he thinks Ethereum has the “most upside” as an funding.

Regardless of favoring BTC over gold, Sternlicht additionally went on to qualify his help for Bitcoin with reward for Ethereum.

“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.”

“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,” he added.

Associated: Billionaire Invoice Miller advocates for Bitcoin, but uncertain on altcoins

Not each billionaire is on board the crypto practice nonetheless. Larry Fink the chairman of the world’s largest asset supervisor BlackRock ($9.4 trillion AUM) acknowledged that he’s “probably more on the Jamie Dimon camp.”

“I am not a pupil of Bitcoin and the place it should go so I can not inform you whether or not it should $80K or $0. But I do imagine there is an enormous position for a digitized forex,” he stated.

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