{"id":352593,"date":"2021-10-14T08:39:00","date_gmt":"2021-10-14T05:39:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/billionaires-are-backing-bitcoin-over-gold-but-some-say-ethereum-is-even-better\/"},"modified":"2021-10-14T08:39:00","modified_gmt":"2021-10-14T05:39:00","slug":"billionaires-are-backing-bitcoin-over-gold-but-some-say-ethereum-is-even-better","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/billionaires-are-backing-bitcoin-over-gold-but-some-say-ethereum-is-even-better\/","title":{"rendered":"# Billionaires are backing Bitcoin over gold … but some say Ethereum is even better"},"content":{"rendered":"

“# Billionaires are backing Bitcoin over gold … but some say Ethereum is even better <\/strong>”
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Following JPMorgan CEO Jamie Dimon’s recent comments that Bitcoin is worthless, two well known billionaires have leapt to its defense \u2014 although both of them say Ether has some even more desirable properties.<\/p>\n

During an interview with CNBC’s Squawk Box on Oct. 13, Barry Sternlicht, the co-founder of Starwood Capital Group said that gold was actually \u201cworthless\u201d and he is hodling Bitcoin (BTC) because every government in the \u201cwestern hemisphere\u201d is printing endless amounts of money.<\/p>\n

Sternlicht is estimated to have a net worth of around $4.4 billion and is known for his investments in the real estate market via Starwood Capital Group. The investment firm was founded in 1991 and reportedly<\/a> has around $95 billion worth of assets under management (AUM).<\/p>\n

Sternlicht was asked<\/a> for his take on Jamie Dimon\u2019s reiterated<\/a> skepticism over BTC being \u201cworthless.\u201d<\/p>\n

\u201cGold is kind of worthless too, and so is silver, I mean they have some industrial uses but they are minor. The reason I own Bitcoin is because the U.S. government and every government in the western hemisphere is printing money now to the end of time,\u201d he said.<\/p>\n

Dallas Mavericks owner Mark Cuban, who has a net worth of $4.3B, echoed<\/a> similar sentiments when he spoke to CNBC Make IT on Wednesday. Cuban said that BTC is \u201cbetter than gold,\u201d before going on to say that he thinks Ethereum has the \u201cmost upside\u201d as an investment.<\/p>\n

Despite favoring BTC over gold, Sternlicht also went on to qualify his support for Bitcoin with praise for Ethereum.<\/p>\n

\u201cBitcoin is a dumb coin, it has no real purpose other than a store of value, and it’s crazily volatile. So Ether, I own some of that, it’s a programmable Bitcoin and there are tons of other coins that are built on that system.\u201d<\/p><\/blockquote>\n

\u201cI’ve become very interested in blockchain technology<\/a> as a whole, and the digital ledger which is going to change everything, we\u2019re probably in inning one,\u201d he added.<\/p>\n

Related: <\/em><\/strong>Billionaire Bill Miller advocates for Bitcoin, but doubtful on altcoins<\/em><\/strong><\/p>\n

Not every billionaire is on board the crypto train however. Larry Fink the chairman of the world\u2019s largest asset manager BlackRock ($9.4 trillion<\/a> AUM) stated that he\u2019s \u201cprobably more on the Jamie Dimon camp.\u201d<\/p>\n

“I’m not a student of Bitcoin and where it’s going to go so I can’t tell you whether it’s going to $80K or $0. But I do believe there is a huge role for a digitized currency,” he said.<\/p>\n