Billionaires are backing Bitcoin over gold … but some say Ethereum is even better

Following JPMorgan CEO Jamie Dimon’s current feedback that Bitcoin is nugatory, two well-known billionaires have leapt to its protection — though each of them say Ether has some much more fascinating properties.

Throughout an interview with CNBC’s Squawk Field on Oct. 13, Barry Sternlicht, the co-founder of Starwood Capital Group mentioned that gold was really “nugatory” and he’s hodling Bitcoin (BTC) as a result of each authorities within the “western hemisphere” is printing countless quantities of cash.

Sternlicht is estimated to have a web value of round $4.4 billion and is understood for his investments in the true property market by way of Starwood Capital Group. The funding agency was based in 1991 and reportedly has round $95 billion value of belongings below administration (AUM).

Sternlicht was asked for his tackle Jamie Dimon’s reiterated skepticism over BTC being “nugatory.”

“Gold is type of nugatory too, and so is silver, I imply they’ve some industrial makes use of however they’re minor. The rationale I personal Bitcoin is as a result of the U.S. authorities and each authorities within the western hemisphere is printing cash now to the top of time,” he mentioned.

Dallas Mavericks proprietor Mark Cuban, who has a web value of $4.3B, echoed related sentiments when he spoke to CNBC Make IT on Wednesday. Cuban mentioned that BTC is “higher than gold,” earlier than occurring to say that he thinks Ethereum has the “most upside” as an funding.

Regardless of favoring BTC over gold, Sternlicht additionally went on to qualify his help for Bitcoin with reward for Ethereum.

“Bitcoin is a dumb coin, it has no actual objective aside from a retailer of worth, and it is crazily risky. So Ether, I personal a few of that, it is a programmable Bitcoin and there are tons of different cash which are constructed on that system.”

“I’ve develop into very fascinated by blockchain know-how as a complete, and the digital ledger which goes to vary every thing, we’re most likely in inning one,” he added.

Associated: Billionaire Invoice Miller advocates for Bitcoin, however uncertain on altcoins

Not each billionaire is on board the crypto practice nevertheless. Larry Fink the chairman of the world’s largest asset supervisor BlackRock ($9.4 trillion AUM) said that he’s “most likely extra on the Jamie Dimon camp.”

“I am not a pupil of Bitcoin and the place it will go so I can not let you know whether or not it will $80K or $0. However I do consider there’s a large function for a digitized foreign money,” he mentioned.