Bitcoin Has No Real Purpose but Store of Value, BTC Holder Billionaire Barry Ste

[XM8]

CEO and founder of Starwood Capital Group, US billionaire Barry Sternlicht has told CNBC’s Squawk Box anchor Andrew Sorkin that he believes gold to be “kind of worthless”, that’s why he holds Bitcoin and Ethereum.

However, he does not seem a BTC maximalist and says that Bitcoin has no real purpose, in his view.

"Gold is kind of worthless", Sternlicht explains why he owns Bitcoin
The billionaire said that he trusts Bitcoin as a store of value, because it has a finite supple. Whereas the US and other countries of the West are “printing money now to the end of time”. Besides, he added that Bitcoin is something that can be traded globally.

However, he does not believe that the flagship cryptocurrency has any specific purpose rather than be used as a store of value.

As for gold, he claimed that this precious metal “is kind of worthless, although, it does have some industrial use-cases. Here, Sternlich said that he disagrees with the JP Morgan CEO Jamie Dimon, who recently called Bitcoin worthless.

"Gold is kind of worthless," says Barry Sternlicht. "The reason I own #bitcoin is because the U.S. government and every government in western hemisphere is printing money now to the end of time and this is a finite amount of something and it can be traded globally." pic.twitter.com/72zYQTjF0y

— Squawk Box (@SquawkCNBC) October 13, 2021source