Billionaires are backing Bitcoin over gold … but some say Ethereum is even better

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Following JPMorgan CEO Jamie Dimon’s current feedback that Bitcoin is nugatory, two well-known billionaires have leapt to its protection — though each of them say Ether has some much more fascinating properties.

Throughout an interview with CNBC’s Squawk Field on Oct. 13, Barry Sternlicht, the co-founder of Starwood Capital Group mentioned that gold was truly “nugatory” and he’s hodling Bitcoin (BTC) as a result of each authorities within the “western hemisphere” is printing limitless quantities of cash.

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Sternlicht is estimated to have a web price of round $4.4 billion and is understood for his investments in the true property market by way of Starwood Capital Group. The funding agency was based in 1991 and reportedly has round $95 billion price of property below administration (AUM).

Sternlicht was asked for his tackle Jamie Dimon’s reiterated skepticism over BTC being “nugatory.”

“Gold is type of nugatory too, and so is silver, I imply they’ve some industrial makes use of however they’re minor. The rationale I personal Bitcoin is as a result of the U.S. authorities and each authorities within the western hemisphere is printing cash now to the tip of time,” he mentioned.

Dallas Mavericks owner Mark Cuban, who has a web price of $4.3B, echoed comparable sentiments when he spoke to CNBC Make IT on Wednesday. Cuban mentioned that BTC is “higher than gold,” earlier than occurring to say that he thinks Ethereum has the “most upside” as an funding.

Regardless of favoring BTC over gold, Sternlicht additionally went on to qualify his help for Bitcoin with reward for Ethereum.

“Bitcoin is a dumb coin, it has no actual function aside from a retailer of worth, and it is crazily risky. So Ether, I personal a few of that, it is a programmable Bitcoin and there are tons of different cash which are constructed on that system.”

“I’ve change into very focused on blockchain expertise as an entire, and the digital ledger which goes to alter every little thing, we’re in all probability in inning one,” he added.

Associated: Billionaire Bill Miller advocates for Bitcoin, but doubtful on altcoins

Not each billionaire is on board the crypto prepare nonetheless. Larry Fink the chairman of the world’s largest asset manager BlackRock ($9.4 trillion AUM) said that he’s “in all probability extra on the Jamie Dimon camp.”

“I am not a scholar of Bitcoin and the place it should go so I am unable to inform you whether or not it should $80K or $0. However I do consider there’s a big function for a digitized foreign money,” he mentioned.