The billionaire CEO of Starwood Capital, an investment firm with over $95 billion in assets under his management, has revealed which cryptocurrencies he owns.
Billionaire Barry Sternlicht Owns Bitcoin and Ethereum
Barry Sternlicht, chairman and CEO of Starwood Capital Group, an investment firm with over $95 billion in assets under management (AUM), spoke about Bitcoin and cryptocurrencies in an interview with CNBC on Wednesday. According to Forbes’ list of billionaires, Sternlicht has a net worth of $4.4 billion as of October 14.
Starwood Capital CEO stated that cryptocurrency makes sense as a way to diversify investment portfolios. bitcoin and to Ethereum announced his investment.
Commenting on what JPMorgan CEO Jamie Dimon said about Bitcoin being worthless; “Gold is also worthless in a way,” he said. While discussing the value of Bitcoin as a store of value, Sternlicht said:
“The reason I own bitcoin is because the US government and every government in the Western Hemisphere is printing money without limits, but in crypto it is a limited amount and can be traded globally.”
The billionaire CEO said the following about the largest cryptocurrency despite owning BTC: “Bitcoin is a stupid coin. It has no real purpose other than being a store of value and is highly volatile.” Sternlicht, who also explains why he owns Ethereum: “So, Ether… I have some of that. ETH is like a programmable Bitcoin and there are tons of other coins built on this system.” commented.
In addition, stating that he has become very interested in blockchain technology as a whole, the CEO stated that the technology will “change everything” and stated that “we are probably entering one of these changes”.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.