In a recent chat with CNBC, investor and global investor Barry Sternlicht revealed that he is a Bitcoin & ETHER owner. He added that investments in Cryptocurrency is a way of diversifying investors’ portfolios.
Recently, Global Investment bank JPMorgan CEO Jamie Dimon questioned whether the BTC has a limited supply. He further termed Bitcoin “worthless”.
Reacting to Jamie Dimon’s statement, the 60-year-old said that gold is equally worthless. Additionally, he defined Bitcoin as a store of value.
Explaining why he is an owner of Bitcoin, Barry Sternlicht said that the government of the United States and each western government is and will print money to the end of time. For Bitcoin, however, the supply is finite and anyone across the globe can trade BTC.
Barry, however, explained the volatility challenge involved with bitcoin and its lack of purpose other than as a store of value.
When it comes to ETHER, Barry feels it is a “programmable Bitcoin” with lots of other coins getting built on it. Finally, Barry noted that he is curious about Blockchain technology and how it works. He also believes that this Technology will bring change to everything.
About Barry Sternlicht
Barry Sternlicht is a billionaire with a net worth of about four billion US dollars. Other than the chair and co-founder of Starwood Property Trust, Barry Sternlicht, 60, is the Chief Executive Officer and Co-founder of Starwood Capital Group.
Starwood Capital Group is an investment group with its HQ in Miami Beach, Florida. Barry founded the firm with the help of Robert Faith. The latter, however, left the company to found Greystar Real Estate Partners.
Throughout its existence, Starwood Capital Group has invested a sum of about eleven billion dollars.
Mark Cuban Thoughts
Sternlicht’s remarks come shortly after Mark Cuban, billionaire and Entrepreneur, revealed that he will not invest in the hyped ETFs. According to Cuban, he prefers to buy Bitcoin directly.
Cuban, who is of the opinion that Bitcoin is better than gold, revealed that he owns BTC but has never sold it. The billionaire also stated that he invested in Ether, Dogecoin, NFTs, and other ledger companies.
According to Cuban, these Exchange Traded Funds won’t match BTC’s price, hence better for short periods rather than holding onto them for long.
The Securities Exchange Commission is working hard to try and regulate the digital market. According to the agency, its job is to protect investors from fraudulent acts, which is a major risk factor for Cryptocurrencies.
In terms of ETFs, the SEC has a long list of Exchange Traded Funds to approve. Investors are hopeful that next year would be the year the regulatory agency approves most if not all of these ETFs.
Exchange-Traded Funds are types of investment funds and products traded on stock exchanges.
Finally, the Crypto craze is slowly taking over the global financial market. Who knows? What Jack Dorsey, Twitter’s CEO, said might come true: Bitcoin Would help create world peace.
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