Billionaire Barry Sternlicht believes that bitcoin is able to protect savings from the massive release of fiat currency. Therefore, he introduced cryptocurrencies to the investment portfolio.
Barry Sternlicht, co-founder of the investment fund Starwood Capital Group, speaking on CNBC, said that despite his “insane volatility”, he invested in bitcoin, which protects values from inflation. He was prompted to buy BTC by a previously limited emission of no more than 21 million coins.
“I own bitcoin because the US government and the government of any other country can print an unlimited amount of money. And the emission of bitcoin is limited, and with the help of cryptocurrency, you can conduct international transactions. ”
The 60-year-old billionaire has never been an ardent supporter of Bitcoin. He believes that the only real value of bitcoin is in preserving the value of goods and services. An American billionaire with a German surname is even more supportive of Ethereum. According to him, it is “programmable Bitcoin” with more use cases than Bitcoin itself. Therefore, in the investment portfolio of a crypto enthusiast, there is a place for ether.
Barry Sternlicht is very interested in blockchain as a technology and believes that it has the potential to change the global financial system.
The owners of large fortunes try not to draw attention to their transactions, thanks to the principles of cryptocurrencies, they can buy assets worth millions of dollars absolutely confidentially. Recently, the third largest “whale” within two weeks bought bitcoin for $ 170 million. In 2019, the cryptocurrency investment company Dadiani Syndicate announced that one of its clients was going to buy back 25% of all issued bitcoins, but now only the richest people are capable of this. planets. In 2018, an unknown Chinese billionaire hiding under the pseudonym “Yi Mei” bought 96,000 BTC worth more than $ 1 billion.