Following recent comments from JPMorgan CEO Jamie Dimon that Bitcoin is useless, two famous billionaires have rushed to its defense – although both say ether has even more desirable properties.
During an October 13 interview with Squawk Box on CNBC, Barry Sternlicht, co-founder of Starwood Capital Group, said that gold is actually “useless” and he uses Bitcoin (BTC) because every government in the “Western Hemisphere” prints infinite amounts of money.
Sternlicht is worth an estimated $ 4.4 billion and is best known for his real estate investments through Starwood Capital Group. The investment firm was founded in 1991 and is reported to have approximately $ 95 billion in assets under management.
Sternlicht was asked to comment on Jamie Dimon’s repeated skepticism that BTC is “worthless.”
“Gold is as useless as silver. I mean, they have some kind of industrial use, but they are secondary. The reason I own Bitcoin is because the US government and every government in the Western Hemisphere has been printing money for centuries, ”he said.
Dallas Mavericks owner Mark Cuban, who is worth $ 4.3 billion, echoed similar sentiments when he spoke to CNBC Make IT on Wednesday. Cuban said BTC is “better than gold” before saying that he thinks Ethereum has “the greatest growth potential” as an investment.
Despite his preference for BTC over gold, Sternlicht also called his support for Bitcoin a praise for Ethereum.
“Bitcoin is a dumb coin, it has no real purpose other than a store of value and is insanely volatile. So Ether, some of it belongs to me, it is programmable bitcoin, and many other coins are built on this system. “
“I am very interested in blockchain technology in general and the digital ledger that will change everything, we are probably picking it up,” he added.
Related: Billionaire Bill Miller Advocates Bitcoin But Doubts Altcoins
However, not every billionaire is on board a cryptocurrency train. Larry Fink, chairman of the world’s largest asset manager BlackRock ($ 9.4 trillion AUM), said he was “probably more like the Jamie Dimon camp.”
“I don’t study Bitcoin and I don’t know where it will go, so I cannot say if it will rise to $ 80K or $ 0. But I believe that digital currency plays a huge role, ”he said.