Tuesday, October 19, 2021

Billionaire Barry Sternlicht Reveals Why He Purchased Bitcoin and Ethereum

American billionaire Barry Sternlicht, the Co-Founder of the investment fund Starwood Capital Group, has recently revealed that he has investments in the two largest cryptocurrencies by market capitalization, Bitcoin (BTC) and Ethereum (ETH), despite his previous comment that cryptocurrency is crazily volatile.

In a recent interview with CNBC, Sternlicht said Bitcoin is a financial tool that can serve as a protection against the mass printing of fiat currencies.

Read Also: Raoul Pal Reveals Why His Crypto Portfolio Is 70% Ethereum (ETH) and 5% Bitcoin (BTC)

Explaining the reason for holding Bitcoin (BTC), the billionaire said the digital asset has a pre-determined maximum supply, which is 21 million, unlike traditional currencies issued by governments.

CNBC’s Squawk Box posted, “Gold is kind of worthless,” says Barry Sternlicht. “The reason I own #bitcoin is because the U.S. government and every government in 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.”

Read Also: Ethereum 2.0 First Upgrade of Proof of Stake (PoS) Beacon Chain to play out in A Few Weeks

Billionaire Says Ethereum Has More Use Cases Than Bitcoin

Despite his investment in Bitcoin (BTC), Barry Sternlicht claimed that the major utility of the flagship cryptocurrency is being a store of value, unlike Ethereum (ETH).

According to the billionaire, Ethereum, the second-largest cryptocurrency by market cap, is a programmable Bitcoin with more use cases than Bitcoin.

Read Also: Federal Reserve Chairman Jerome Powell Says United States Has No Plans to Ban Bitcoin and Cryptos

On whether he has invested in Ethereum alongside Bitcoin, he said, “I own some of that too.”

Conclusively, the billionaire said he’s interested in blockchain technology as a whole due to its potential to change the entire financial network.


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Tobi Loba
Tobi Loba is a passionate writer with over 3 million readers from all over the world. She graduated from a reputable university. She joined the crypto ecosystem about two years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects.

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