Billionaire Barry Sternlicht Discusses Bitcoin Rising to $1 Million — Calls BTC a ‘Sensible’ Hedge – Markets and Costs Bitcoin Information
Starwood Capital Group chairman, billionaire Barry Sternlicht, has shared his views on how Bitcoin could grow to $ 1 million per coin. He calls the cryptocurrency “intelligent” protection in a world where the government just keeps printing money.
Billionaire Barry Sternlicht believes Bitcoin could soar to $ 1 million per coin
Billionaire Barry Sternlicht, chairman of Starwood Capital Group, spoke at a Bloomberg event in Miami on Friday about the future prospects for cryptocurrencies, particularly Bitcoin.
Sternlicht heads the Starwood Capital Group, a private equity firm specializing in real estate investments. The company manages approximately $ 100 billion in real estate, debt, and energy assets. According to the Forbes Billionaires List, his net worth is currently $ 4.2 billion.
The billionaire stated that he had called his Bitcoin position a “big hedge” and was asked, “Should we all think that way?” Sternlicht replied firmly, “Yes.”
He stated that we “live in a world where the government just prints money and prints money and prints money and prints money and doesn’t seem to have any consequences.” “Sometimes it will end,” said the billionaire:
The only thing they can no longer make is Bitcoin.
He added that Bitcoin was “never hacked” but noted that “it has no real value other than that there are 21 million coins” that are “infinitely divisible”.
By comparison, he pointed out that gold “really doesn’t have much value” either, adding, “You can have your gold jewelry, but it could be silver or titanium or platinum.”
Sternlicht said, “You could see the world saying to the US, especially with our political isolationism, that they would say China was trying to push us off the dollar standard and they will have many countries joining them. ”
The Starwood Capital executive said, “You will really try. It’s very obvious. They are going to try really hard to break the dollar standard. If that happens and the dollar devalues, you need something that can hold its value. “
While admitting that Bitcoin “will go down with the stock market,” he insisted that he believed “it will be reversed” and stated:
It would be $ 1 million per coin. It could do that because everyone, not US investors, will have the whole world looking at one thing they can no longer make, and that would be Bitcoin.
“There is no other function than a store of value, so a small investment in Bitcoin could be a smart little safeguard in your life as your paper will unfortunately be worthless,” he warned.
The billionaire then announced that he had around 2% to 3% of his net worth in cryptocurrencies. Regarding crypto investing, he said, “If it goes to zero, it won’t hurt me either, it won’t hurt you.” However, he emphasized:
But if it’s $ 1 million a coin, you’ll be looking at the TV and getting very excited.
More and more billionaires are using Bitcoin to hedge against inflation.
Famed hedge fund manager Paul Tudor Jones said in October that he preferred Bitcoin to gold. Orlando Bravo, the billionaire and co-founder of the private equity firm Thoma Bravo, said in September that he was very optimistic about Bitcoin and expected it to increase “significantly”.
Last week, Mexican billionaire Ricardo Salinas Pliego said the US is “becoming more and more like any other irresponsible third world country.” Salinas tweeted a weekly chart of the total value of the Federal Reserve’s assets (minus consolidation eliminations) and commented, “Wow … look at the magnitude of counterfeit creation. Buy Bitcoin now. “
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