Billionaire Barry Sternlicht, Chairman of Starwood Capital Group, shared his views on how Bitcoin has grown to a value of US$1 million per coin. In a world where governments continue to print money, he calls this cryptocurrency a “smart” hedge.
Billionaire Barry Sternlicht believes Bitcoin may rise to $1 million per coin
On Friday, Starwood Capital Group Chairman Billionaire Barry Sternlicht (Barry Sternlicht) spoke at a Bloomberg event in Miami about the future of cryptocurrencies, especially Bitcoin.
Sternlicht runs Starwood Capital Group, a private equity firm specializing in real estate investment. The company manages approximately US$100 billion in real estate, debt and energy assets. According to the list of Forbes billionaires, his current net worth is $4.2 billion.
The billionaire noticed that he called his Bitcoin position a “good hedge,” and someone asked him, “Should we all think that way?” Sternlicht replied firmly: “Yes.”
He explained that we live in “a world where the government only prints, prints, prints, and prints money without any consequences.” The billionaire emphasized, “Sometimes, that will end”:
The only thing they can’t do more is Bitcoin.
He added that Bitcoin “has never been hacked”, but pointed out that “it has no real value other than 21 million “infinitely divisible” coins.
In contrast, he pointed out that gold “really does not have much value” and added that “you can own gold jewelry, but it can be silver, titanium or platinum.”
Sternlicht believes: “You can see the world telling the United States, especially in the case of our political isolationism, they will say that China will try to get us out of the dollar standard, and they will let many countries ally with them.”
Starwood Capital executives emphasized: “They will work very hard. This is obvious. They will work very hard to break the dollar standard. If this happens and the dollar depreciates, you need something that can preserve its value.”
While acknowledging that Bitcoin “will fall with the stock market,” he emphasized that, in his view, “it will reverse” and elaborated:
Each coin will reach 1 million U.S. dollars. It can do this because everyone, not American investors, the whole world will pay attention to something they can’t make more money, and that is Bitcoin.
“There is no other function other than a store of value, so I think a little investment in Bitcoin might be a smart little hedge in your life, because unfortunately, your paper will be worthless,” he warned.
The billionaire subsequently revealed that approximately 2% to 3% of his net worth is in cryptocurrency. Regarding crypto investment, he said: “If it becomes zero, it won’t hurt me or you.” However, he emphasized:
But if it reaches 1 million dollars a coin, you will watch TV and be very frustrated.
More and more billionaires are using Bitcoin hedging Fight against inflation.
Famous hedge fund manager Paul Tudor Jones In October, he stated that he prefers Bitcoin to gold. Orlando BravoThe billionaire who co-founded the private equity firm Thoma Bravo said in September that he is very optimistic about Bitcoin and expects it to “significantly grow.”
Last week, the Mexican billionaire Ricardo Salinas Priego Said that the United States “looks more and more like any other irresponsible third world country.” Salinas tweeted a weekly chart of the total value of the Fed’s assets (with less offset from the integration) and commented: “Wow… look at the scale of the counterfeit currency. Buy now Bitcoin.”
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