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

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Following recent comments from JPMorgan CEO Jamie Dimon that Bitcoin is worthless, two well-known billionaires have come to its defense – although both say Ether has even more desirable properties.

In an interview with UKTN’s Squawk Box on October 13, Barry Sternlicht, the co-founder of Starwood Capital Group said that gold was actually “worthless” and that he kept Bitcoin (BTC) because each government of the “western hemisphere” prints endless amounts of money.

Sternlicht is estimated to have a net worth of around $ 4.4 billion and is known for his investments in the real estate market through Starwood Capital Group. The investment firm was founded in 1991 and is said to have approximately $ 95 billion in assets under management (AUM).

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Sternlicht was demand for his take on Jamie Dimon’s reiterated skepticism that BTC is “worthless.”

“Gold is also a bit worthless just like silver, I mean they have industrial uses but they are minor. The reason I own Bitcoin is that the US government and all governments in the ‘western hemisphere print money until the end of time,’ he said.

Dallas Mavericks owner Mark Cuban, who has a net worth of $ 4.3 billion, echoed similar sentiments when he spoke with UKTN Make IT on Wednesday. Cuban said BTC is “better than gold”, before going on to say that he believes Ethereum has the “most benefit” as an investment.

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Despite his preference for BTC over gold, Sternlicht also qualified his support for Bitcoin with praise for Ethereum.

“Bitcoin is a dumb coin, it has no real purpose other than a store of value, and it’s incredibly volatile. So Ether, I own some of it, it’s programmable Bitcoin and there is has tons of other parts that are built on this system.

“I’ve become very interested in blockchain technology as a whole, and the digital ledger that’s going to change everything, we’re probably up to the task,” he added.

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Related: Billionaire Bill Miller advocates for Bitcoin, but doubts altcoins

However, not all billionaires are on the crypto train. Larry Fink, chairman of the world’s largest asset manager, BlackRock ($ 9.4 trillion in assets under management), said he was “probably more on Jamie Dimon’s side.”

“I’m not a student of Bitcoin and where it’s going to go, so I can’t tell you if it’s going to $ 80,000 or $ 0. But I think there is a huge role for a digital currency,” did he declare.