US billionaire Barry Sternlicht, CEO and founder of Starwood Capital Group, said gold is “worthless”. Answering the questions of CNBC’s Squawk Box host Andrew Sorkin, Sternlicht explained that he therefore holds Ethereum and Bitcoin instead of gold. But the billionaire may not be a BTC maximalist. He thinks Bitcoin has no real purpose in his opinion.
Sternlicht: Gold is a little worthless
The billionaire said he trusts Bitcoin (BTC) because it has unlimited supply. Whereas, for fiat currencies, the USA and other Western countries “print money all the way”. Sternlicht also said that Bitcoin is a universal currency. However, BTC can only be seen as a store of value. Starwood CEO does not believe that Bitcoin has a different functionality other than this purpose.
As for the precious metal, Barry Sternlicht argued that gold “is a kind of worthlessness, although it has some industrial use cases.” The US billionaire said here that he disagreed with JP Morgan CEO Jamie Dimon, who recently described Bitcoin as worthless:
“Gold is a little worthless,” says Barry Sternlicht. “The reason I own bitcoin is because the US government and every government in the western hemisphere is printing money until the end of time, and it’s a limited quantity and can be traded globally.
“Gold is kind of worthless,” says Barry Sternlicht. “The reason I own #bitcoins is because the US 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.” pic.twitter.com/72zYQTjF0y
— Squawk Box (@SquawkCNBC) October 13, 2021
Binance drops Bitcoin price
Leading cryptocurrency exchange Binance has announced that it will shut down its crypto-CNY OTC trading service after another Chinese crypto ban was implemented in late September. According to the statements, the BTC price retreated to the $ 53,900 region after rising above $ 57,000. On top of that, Bitcoin lost about 6%. It is currently trading around $55,800 and its biggest hit was largely rebounded after the May crash.
Alongside the news about Binance, WeChat, China’s largest social network, has started blocking search results for cryptocurrency exchanges.
US surpasses China as safe haven for miners
Before the Bitcoin drop took place, exchanges began fleeing China or shutting down their businesses due to the ban. Among the largest exchanges to withdraw from China are Binance and Huobi. Smaller exchanges, on the other hand, are forced to shut down completely. Bitmain mining giant has announced that it will stop selling mining machines to customers in the country and is leaving the local market.
According to recent research from Cambridge University, miners are now starting to prefer the USA. Bitcoin hash rate US share now dwarfs what China used to have, with almost 40% overall as of June, a massive 428% increase since last September.
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