Here’s why billionaire real estate mogul Barry Sternlicht owns two different crypto assets

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Billionaire and real estate mogul Barry Sternlicht says he owns Bitcoin (BTC) and Ethereum (ETH) for a number of reasons.

In a new interview with CNBCs Squawk Box, the CEO of Starwood Capital said he has invested in crypto because of his concerns about printing endless money and what he sees as questionable monetary policies. .

The reason I own BTC is that the US government and all governments in the Western Hemisphere print money until the end of time, and it’s a finite amount of something, and it can be traded all over the world and people have fiat currencies, whether in Nigeria or… Bolivia or wherever, you can settle into something that the world has accepted as a substitute for gold.

Referring to JPMorgan CEO Jamie Dimon, who said he believed Bitcoin to be “worthless,” Sternlicht argues that the same case could be done for gold.

What Jamie Dimon talked about, I mean gold is a bit worthless too, silver [as well], they have a few industrial uses, but they are minor.

The billionaire says that while Bitcoin is minimal in its goals, he sees high potential in the Ethereum ecosystem, as well as all of blockchain technology in general.

“Since its 18 million float from 21, I think Bitcoin is the biggest. It’s a stupid coin, it has no other purpose than a store of value, and it’s a bit insanely volatile. So Ether, which is just below, I own part of it. It’s programmable Bitcoin, and then there are tons of other coins that are built from that system. I became very interested in blockchain technology as a whole, the digital ledger will change everything… ”

“Gold is a bit worthless,” says Barry Sternlicht. “The reason I own #bitcoin is because the US government and all governments in the Western Hemisphere print money until the end of time and it’s a finite amount of something and it can be traded worldwide.” pic.twitter.com/72zYQTjF0y

– Squawk Box (@SquawkCNBC) October 13, 2021

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