As Bitcoin and Ethereum near their all-time peaks, another renowned investor has declared a position in the fast-growing cryptocurrencies.
In an interview with CNBC, billionaire Barry Sternlicht revealed that he had also purchased Bitcoin and Ethereum, following in the footsteps of Elon Musk, Michael Saylor, and Paul Tudor Jones.
Sternlicht
Sternlicht is estimated to have a net worth of $4 billion. He is one of the Starwood Capital Group’s founders. The asset under management of the investment fund is projected to be around $60 billion.
Sternlicht, like Jones and Saylor, is concerned about central banks and their monetary policies, which could lead to currency inflation.
As a result, as a hedge against this phenomenon, the famed investor chose to diversify his portfolio into Bitcoin and Ethereum.
In addition, Sternlicht used the chance to respond to JP Morgan Chase chief executive officer Jamie Dimon’s statements on Bitcoin.
Following a long string of dismissive statements by Dimon over the years, the executive recently termed bitcoin “worthless.”
Sternlicht responded by claiming that gold, one of the most widely used assets as a store of value, is “worthless.”
“I mean, gold and silver are both worthless, as Jamie Dimon mentioned. There are a few industrial applications for them, although they are minor,” Sternlicht said.
“It’s 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 until the end of time,” he added.
Sternlicht, on the other hand, believes Ethereum has the potential to be programmable. Finally, the illustrious investors stated that they were interested in blockchain technology in general.
As Sternlicht sees it, Bitcoin and Ethereum, like the internet before them, might usher in a technological revolution.
Sternlicht is far from the only institutional investor who sees the value of cryptocurrencies. According to Bloomberg Intelligence Senior Commodity Strategist Mike McGlone, this has had a significant impact on gold-based financial products.
Meanwhile, bitcoin is currently trading at $57,339 in the weekly chart, with a profit of 3.7%, figures from Coingecko show.
Image courtesy of Cointelegraph News/YouTube