• Billionaire Barry Sternlicht Purchased Bitcoin and Ethereum to Protect Against Inflation

  • Despite claiming that bitcoin is “crazily volatile,” American billionaire Barry Sternlicht admitted that he has personally invested in the cryptocurrency. Aside from that, he has some ether, the second-largest digital asset.

    Why does he own cryptocurrency?

    In a recent interview, Barry Sternlicht, Co-Founder of the investment fund Starwood Capital Group, stated that bitcoin is a financial tool that can help against the mass printing of fiat currencies. Unlike traditional government-issued currencies, the digital asset has a predetermined maximum supply of 21 million that will ever exist, prompting Sternlicht to purchase some:

    “I own bitcoin because the US government and every other government in the Western Hemisphere are printing money until the end of time.” And this is a limited quantity of something that can be traded globally.”

    Nonetheless, the 60-year-old billionaire does not appear to be a BTC maximalist, arguing that the leading digital asset’s only real purpose is as a store of value.

    Sternlicht appears to be a fan of ether, describing it as “a programable bitcoin” with more use-cases than its competitor.

    “I own some of that as well,” he admitted.

    Following that, the Co-Founder of Starwood Capital Group stated that he is very interested in “blockchain technology as a whole,” which has the potential to change the entire financial network.

    Other Notable HODLers

    Politicians, investors, and celebrities are among the notable names who have invested some of their wealth in the cryptocurrency market. Paul Tudor Jones III was one of the most prominent names in the traditional financial industry who pioneered the idea of buying Bitcoin to protect himself against rising inflation. The billionaire investor has made several investments in this regard.

    In June, Republican Senator Cynthia Lummis revealed that she owns five BTC, which she purchased in 2013 when the USD value was $300 per unit. She admitted last week that she added between $50,000 and $100,000 to her holdings of the digital asset in August.

    Mark Cuban, the billionaire investor and owner of the Dallas Mavericks, is the next in line. As a strong supporter of bitcoin, he stated that he has 60 percent of his cryptocurrency investment in it. 30% is in ETH, with the remaining 10% allocated to other altcoins such as Dogecoin.

    Elon Musk, the CEO of Tesla, is arguably the most famous person on that list. Despite his divisive stance on bitcoin, specifically its energy usage, the entrepreneur confirmed he owns some of it, along with Ethereum and Dogecoin.

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