Billionaire Barry Sternlicht Buys Bitcoin And Ethereum, Calls Gold “Worthless”

Billionaire Barry Sternlicht Buys Bitcoin And Ethereum, Calls Gold “Worthless”

THELOGICALINDIAN - Another allegorical broker has appear a position in Bitcoin and Ethereum as the cryptocurrencies access their alltime highs In an account with CNBC billionaire Barry Sternlicht claimed that he has acquirement BTC and ETH abutting the ranks of Elon Musk Michael Saylor and Paul Tudor Jones

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Sternlicht has an almost net account admired at $4 billion. He is one of the founders of Starwood Capital Group. The advance armamentarium has an estimated $60 billion in assets beneath administration (AUM).

Similar to Jones and Saylor, Sternlicht is anxious about axial banks and their budgetary behavior which could be creating aggrandizement for their currencies. Thus, the allegorical broker absitively to alter his portfolio into Bitcoin and Ethereum as a barrier adjoin this phenomenon.

In addition, Sternlicht took on the befalling to abode the comments fabricated by the CEO of JP Morgan Chase Jamie Dimon on Bitcoin. A few canicule ago, the controlling alleged BTC “worthless” afterward a continued account of absolution comments fabricated by Dimon beyond the years.

In response, Sternlicht claimed that gold, one of the best accepted use assets a abundance of value, is “worthless”. The allegorical broker said:

BTC’s characteristics, its accommodation to move amount about the world, and its bound supply, are added affidavit that assertive Sternlicht to jump into the crypto market. In that sense, the co-founder of Starwood Capital added:

Bitcoin And Ethereum Still In Its Early Phase

On the contrary, Sternlicht believes Ethereum has the accommodation to be programmable. Ultimately, the allegorical investors claimed to be absorbed in blockchain technology as a whole.

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Bitcoin and Ethereum, as Sternlicht accept them, could advance to a technology anarchy as the internet already did. He added:

Sternlicht is far from the alone institutional broker that has bent with the abeyant in cryptocurrencies. This has taken an important tolled on gold-based advance products, as acicular out by Bloomberg Intelligence Senior Commodity Strategist Mike McGlone.

At the time of writing, BTC trades at $57,337 with a 3.7% accumulation in the account chart.