Although he said it was “insanely volatile,” American billionaire Barry Sternlicht admitted to having personally invested in Bitcoin. Aside from that, he also holds some holdings of the second largest digital asset – ether.
Why does he own crypto?
Barry Sternlicht – co-founder of the mutual fund Starwood Capital Group – said in a recent interview with CNBC that bitcoin is a financial instrument that can help against the mass pressure of fiat currencies. Unlike traditional government-issued currencies, the digital asset has a predetermined maximum offer of 21 million, which has led Sternlicht to buy some:
“The reason I own Bitcoin is because the US government and every government in the western hemisphere is now printing money until the end of time. And that is a limited amount of something and can be traded globally. “
Still, the 60-year-old billionaire doesn’t seem like a BTC maximalist, arguing that the only real purpose of the leading digital asset is to store value.
Sternlicht seems to be more supportive of Ether and describes it as a “programmable Bitcoin” with more use cases than its rival.
“I own some of these too,” he revealed.
The co-founder of Starwood Capital Group then said he was very interested in “blockchain technology as a whole,” which has the potential to transform the entire financial network.
Barry Sternlicht, Source CNBC
Other prominent HODLers
The list of notable names who have distributed some of their fortune in the cryptocurrency market ranges from politicians to investors to celebrities. One of the most prominent names in the traditional finance industry who started with this idea of buying BTC to protect against rising inflation was Paul Tudor Jones III. For this, the billionaire investor has made several allocations.
In June, Republican Senator Cynthia Lummis announced that she owned five BTCs that she bought in 2013 when the USD was worth $ 300 apiece. Last week she admitted that she topped up her holdings in August with a value of $ 50,001 to $ 100,000 of the digital asset.
Billionaire investor and owner of the Dallas Mavericks – Mark Cuban – is next in line. As an avid supporter of Bitcoin, he said that 60% of his cryptocurrency investments are hidden in it. 30% is in ETH, while the remaining 10% is allocated to other altcoins such as Dogecoin.
Arguably the most famous person on this list is Tesla’s CEO – Elon Musk. Despite his controversial stance on Bitcoin, especially energy consumption, the entrepreneur confirmed that he owns part of it alongside Ethereum and Dogecoin.
Selected image courtesy of USNews
SPECIAL OFFER (sponsored)
Binance Futures 50 USDT FREE Coupon: Use this link to register and get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register and enter the POTATO50 code to receive 50% free bonus on every deposit up to 1 BTC.