Barry Sternlicht Talks About Bitcoin’s Ascension to $1 Million
Billionaire Barry Sternlicht, chairman of Starwood Capital Group, has expressed his thoughts on how bitcoin may become worth a million dollars per coin. In a world where the government merely keeps producing money, he sees cryptocurrencies as a “smart” hedge.
Billionaire Barry Sternlicht, chairman of Starwood Capital Group, spoke on the future of cryptocurrencies, notably bitcoin, at a Bloomberg event in Miami on Friday.
Barry Sternlicht is the CEO of Starwood Capital Group, a private equity business focused on real estate transactions. The business manages around $100 billion in real estate, debt, and energy assets. His current net worth is $4.2 billion, according to Forbes’ list of billionaires.
Noting that he has described his bitcoin holdings as a “great hedge,” the billionaire was questioned, “Is that how we should all be thinking?” “Yes,” Sternlicht said emphatically.
He stated that we live “in a world where the government just prints money, and prints money, and prints money, and prints money, and prints money, and doesn’t seem to have any consequences.” Noting that “Sometimes, that will come to an end,” the billionaire emphasized:
The only thing that they can’t make more of is bitcoin.
Barry Sternlicht went on to say that bitcoin has “never been hacked,” but that “it has no actual value other than the fact that there are 21 million coins” that are “infinitely divisible.”
The billionaire then revealed that cryptocurrencies account for roughly 2% to 3% of his net worth. In terms of cryptocurrency investing, he stated, “If it goes to zero, it won’t hurt me, and it won’t hurt you.” He did, however, emphasize:
But if it goes to $1 million a coin, you are going to look at the TV and get very upset.
Bitcoin is being used by an increasing number of billionaires to hedge against inflation.
Paul Tudor Jones, a well-known hedge fund manager, stated in October that he preferred bitcoin to gold. Orlando Bravo, the millionaire who co-founded private equity company Thoma Bravo, stated in September that he believes bitcoin would rise “significantly.”
Mexican billionaire Ricardo Salinas Pliego stated last week that the United States “is looking more and more like any other irresponsible third-world country.”