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Barry Sternlicht is the chairman and CEO of Starwood Capital Group, an investment firm of over $95 billion in assets under management. Furthermore, Sternlicht discusses about bitcoin and cryptocurrency during an interview with CNBC Wednesday. Meanwhile, As per Forbes’ list of billionaires, Sternlicht has a net worth of $4.4 billion.
Additionally, The Starwood Capital CEO notes that he owns bitcoin and ether. Which of course, he says cryptocurrency makes sense as a means to diversify investment portfolios.
Notably, Sternlicht joins JPMorgan CEO Jamie Dimon to describe Bitcoin as Worthless. While, noting that bitcoin is a store of value.
“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,…”
“and this is a finite amount of something and it can be traded globally.”
However, Billionaire Sternlicht despite owning bitcoin says,
“Bitcoin is a dumb coin. It has no real purpose other than a store of value, and it’s crazily volatile.”
Then, He goes ahead to explain why he owns ether.
“So, ether … I own some of that. It’s a programmable Bitcoin,..”
“and there are tons of other coins built on that system.”
In addition, Sternlicht notes
“become very interested in blockchain technology as a whole.”
Stating that the technology is “going to change everything,” he concludes,
“We’re probably in inning one.”
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Photo credit – CNBC