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.

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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.”

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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.

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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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The post Billionaire Barry Sternlicht Reveals Why He Purchased Bitcoin and Ethereum appeared first on Times Tabloid.