Billionaire Barry Sternlicht discusses Bitcoin price of $ 1 million and calls BTC a smart hedge

Billionaire Barry Sternlicht, President of Starwood Capital Group, spoke at a Bloomberg event in Miami on Friday (December 3rd) about the future prospects for cryptocurrencies, particularly Bitcoin.

Barry Sternlicht – Chairman of the Starwood Capital Group

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.

Sternlicht called its Bitcoin position a “great hedge”. When asked “Should we all see it that way?” Sternlicht answered firmly: “Yes”.

The billionaire explained that we “live in a world where the government just prints money, prints money, prints money and prints money, goes on forever even though it stops every now and then.”

“The only thing they can’t print from anymore is Bitcoin.”

Sternlicht added that Bitcoin was “never hacked” but noted that “it has no real value other than 21 million coins and is infinitely divisible”.

By comparison, he points out that gold “isn’t really of much value either. You can have gold jewelry, but it can be silver, titanium, or platinum. ”

“You can see the world telling the US, especially with its political isolationism, that China will try to get rid of the dollar standard and many countries will be associated with them.”

“They’ll try. It is very obvious. You will go to great lengths to break the dollar’s standard. If that happens and the dollar devalues, you need something that can hold its value. ”

Sternlicht acknowledged that Bitcoin will fall along with the stock market, but stressed that he believes it will be reversed.

“Bitcoin will rise to $ 1 million. It can do that because everyone, not US investors, will have the whole world looking at one thing they can no longer print, and that will be Bitcoin. ”

“There is no other function than a store of value, so a small investment in Bitcoin can be a smart little safeguard in your life, as paper money becomes worthless at some point.”

Sternlicht later announced that he had around 2-3% of his net worth in crypto. Regarding crypto investing, he said:

“When it hits zero, it doesn’t affect me and it doesn’t hurt anyone. But when it comes to a million dollars, you stare at the television and get very upset. ”

More and more billionaires are using Bitcoin to hedge against inflation.

Renowned hedge fund manager Paul Tudor Jones said he preferred Bitcoin to gold in October. Orlando Bravo, billionaire co-founder of private equity firm Thoma Bravo, said he was optimistic about Bitcoin and expected it to rise “significantly” in September.

Last week, Mexican billionaire Ricardo Salinas Pliego said the United States was becoming more and more like any other irresponsible third world country. Salinas tweeted a weekly chart of the total value of the Fed’s assets and commented, “Wow… look at the extent of money printing. Buy Bitcoin now. ”

Source: Federal Reserve Board of Governors

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