Jamie Dimon, the CEO of JPMorgan, recently stated that Bitcoin was worthless. However, two well-known billionaires disagree. Bitcoin is good, but they both say Ethereum is much better.
Ethereum vs Bitcoin
During an interview with CNBC, Barry Sternlicht, the co-founder of Starwood Capital Group, said he bought Bitcoin because every government in the western hemisphere prints infinite amounts of money. So it has become a means of inflation.
Sternlicht is estimated to have net worth of approximately $4.4 billion and is known for its investments in the real estate market through Starwood Capital Group. The investment firm was founded in 1991 and has Reportedly for approximately $95 billion in assets under management.
Sternlicht was asked for his opinion on Jamie Dimon’s negative statements about Bitcoin. starlight said:
“Gold is also a bit worthless, just like silver. They have some industrial uses, but they are of minor importance. The reason I own Bitcoin is because the US government and every government in the western hemisphere is now printing money until the end of time.”
“Gold is kind of worthless,” says Barry Sternlicht. “The reason I own #bitcoin 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
Dallas Mavericks owner Mark Cuban has a net worth of $4.3 billion. He repeated similar statements when speaking to the CNBC on Wednesday. Cuban said Bitcoin is “better than gold”. He went on to say that he thinks Ethereum has the “most benefits” as an investment. He further said the following:
“Bitcoin is basically a stupid coin, it serves no purpose other than a store of value and it is insanely volatile. Ethereum, which I own a part of, is programmable Bitcoin and there are countless other coins built on that system.”
“I have become very interested in blockchain technology as a whole. The digital ledger is going to change everything.” he added.
Contradiction
However, not every billionaire is a big fan of cryptocurrencies. Larry Fink, the chairman of the world’s largest asset manager BlackRock ($9.4 trillion under management) said he is “probably more in the Jamie Dimon camp”.
“I don’t know much about Bitcoin and where it’s going, so I can’t tell you if it’s going to be $80K or $0. But I do believe there is a big role for a digitized currency.” he said.