This week JPMorgan CEO Jamies Dimon said that Bitcoin was “useless” and even described it as “fool’s gold.” However, billionaire investor Barry Sternlicht defends Bitcoin. In the interview on CNBC this Wednesday on October 13 Sternlicht claimed that Bitcoin over gold, which has no value.
The investor then explained the reasons he bought Bitcoin. He pointed out that each Western government is printing massive amounts of cash. He was referring to the fact that since there is so much liquidity on markets, consumers will be putting greater money in BTC which acts as more effective security against inflation.
What is the amount you will have put into Bitcoin?
With an estimated net worth of $4,4 billion, Sternlicht made his fortune by making a significant investment in the real estate market with Starwood Capital Group. In response to Jamie Dimon’s suspicions regarding Bitcoin Starlight stated:
“Gold is also ineffective, as is silver. I’m referring to they do have industrial uses however they’re minor. The reason I have Bitcoin is due to the fact that the US government and all governments within the Western Hemisphere is printing money until the end of the world and it’s a finite amount something that can be traded worldwide. “
However, unlike Bitcoin extremists, Strenlicht does have no special affinities with Bitcoin. The billionaire would rather use Ethereum over Bitcoin. To show his support for Ethereum He stated:
“Bitcoin is a native currency. It serves no purpose beyond an investment vehicle and it’s extremely unstable. That’s why Ether which I own portion of can be programmed Bitcoin as well as a lot of other coins made on the same system “.
Tech billionaire Mark Cuban also echoed similar views in the interview with CNBC on Wednesday.
Here’s what some famous investors think about
In fact, BlackRock the president Larry Fink is not convinced enough by his company’s involvement in the Bitcoin story. He claimed to have “probably more in the field than Jamie Dimon”. Further, Fink noted, “I do not know anything about Bitcoin or where the currency could take it, so I cannot say whether it will reach 80 dollars or zero dollars. However, I think there is an enormous need for a currency that is digital “.
Yet, Fidelity director Jurrien Timmer believes in BTC and anticipates that it will reach the mark of $ 100.000 in 2023. In an interview on CNBC, Timmer stated that Bitcoin’s rise this year is more durable. He also said:
“This is not an impulsive move fueled by the momentum of short-term speculators This provides me with some assurance that this is an extremely sustainable trend that is not an inflationary bubble poised to pop. The direction is uphill, and there’s no evidence to suggest that this is an aggregation of momentum seekers that are taking this to the tune of the price of 57.000 “Here is the quote in real-time.
But, he is convinced that Bitcoin will surpass gold over the next few years. Timmer added:
“Bitcoin is an even more convex variant of gold. It is in a growing shortage of gold and gold lacks the same network dynamics that bitcoin does therefore it is logical that bitcoin is more profitable than gold. Gold and Bitcoin are two distinct members of the same side “.
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