TL failure; DR:
- Starwood Capital CEO Barry Sternlich has revealed that he is currently holding bitcoins and ether against inflation.
- “Gold is kind of worthless,” he said.
In an interview with CNBC Squawk Box host Andrew Sorkin, American billionaire and CEO of Starwood Capital Group, Barry Sternlich revealed that he currently has bitcoin and ether in his basket. He agrees that cryptocurrencies are worth diversifying to avoid the impact of large-scale dollar printing.
Barry Sternlich HODLing Bitcoin is Ether
He does not consider gold a valuable asset. Despite the fact that the precious metal has industrial uses, Barry Sternlicht said the metal is worthless.
“The reason for keeping bitcoins is that” the US government and every government in the Western Hemisphere is printing money now that time is running out, “Sternlicht said. He noted that bitcoin also has a limited supply and is something that is universally accepted as an alternative to gold.
He argued, however, that Bitcoin had no real purpose other than to “store value.” Sternlicht’s interest or view of ether is that this bitcoin is programmable and that other cryptocurrencies are built on it. In May, Barry Sternlist sold some of his bitcoins as he expected the capital gains tax on cryptocurrencies to increase.
Billionaires choose bitcoin
In addition to the chairman of Starwood Capital, some other billionaires have shown bitcoin as a store of better value than gold. In the past, we have pointed out some critics of Bitcoin investors, such as Ray Dalio, who once believed that the largest cryptocurrency due to its volatility was a bubble rather than a “good store of wealth.”
Ricardo Salinas Piglo, Mexico’s richest man, recently noted that he will keep his bitcoin for the next 30 years after rising inflation across the country. The United States reported 5.4 reported inflation, the highest in 13 years.