Billionaire Barry Sternlicht Discusses Bitcoin Price Rising to $1 Million — Calls BTC a ‘Smart’ Hedge

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Billionaire Barry Sternlicht Has Over $1 Billion successful  Crypto — Sees Bitcoin arsenic  Smart Hedge

The president of Starwood Capital Group, billionaire Barry Sternlicht, has shared his presumption connected however bitcoin could turn to beryllium worthy a cardinal dollars a coin. He calls the cryptocurrency a “smart” hedge successful a satellite wherever the authorities conscionable keeps connected printing money.

Billionaire Barry Sternlicht Believes Bitcoin Could Rise to $1 Million per Coin

Billionaire Barry Sternlicht, the president of Starwood Capital Group, talked astir the aboriginal outlook for cryptocurrencies, peculiarly bitcoin, Friday portion speaking astatine a Bloomberg lawsuit successful Miami.

Sternlicht runs Starwood Capital Group, a backstage equity steadfast that specializes successful existent property investments. The steadfast has astir $100 cardinal nether absorption successful existent estate, debt, and vigor assets. According to Forbes’ database of billionaires, his existent nett worthy is $4.2 billion.

Noting that helium has called his bitcoin presumption a “great hedge,” the billionaire was asked, “Is that however we each should beryllium thinking?” Sternlicht firmly replied, “Yes.”

He explained that we unrecorded “In a satellite wherever the authorities conscionable prints money, and prints money, and prints money, and prints money, and doesn’t look to person immoderate consequences.” Noting that “Sometimes, that volition end,” the billionaire stressed:

The lone happening that they can’t marque much of is bitcoin.

He added that bitcoin has “never been hacked,” but noted that “It has nary existent worth different than there’s 21 cardinal coins” that are “infinitely divisible.”

In comparison, helium pointed retired that golden besides “really doesn’t person a batch of value,” adding that “You tin person your golden jewelry but it could beryllium metallic oregon titanium oregon platinum.”

Sternlicht opined: “You could spot the satellite saying to the U.S., particularly with our governmental isolationism, they would accidental China is going to effort to sound america disconnected the dollar standard, and they are going to person a batch of countries aligned with them.”

The Starwood Capital enforcement emphasized: “They are going to effort truly hard. It’s precise obvious. They are going to effort truly hard to interruption the dollar standard. If that happens and the dollar devalues, you request 1 happening that could clasp its value.”

While admitting that bitcoin “will spell down with the banal market,” helium stressed that successful his opinion, “it volition reverse,” elaborating:

It would spell to $1 cardinal a coin. It could bash that due to the fact that everyone, it’s not U.S. investors, the full satellite volition look astatine 1 happening that they can’t marque much of and that would beryllium bitcoin.

“There’s nary relation different than a store of worth truthful having a small concern successful bitcoin, I think, mightiness beryllium a astute small hedge successful your beingness due to the fact that your insubstantial volition beryllium worthless, unfortunately,” helium warned.

The billionaire past disclosed that helium has astir 2% to 3% of his nett worthy successful cryptocurrencies. Regarding crypto investment, helium said: “If it goes to zero, it won’t wounded maine either, it won’t wounded you.” However, helium emphasized:

But if it goes to $1 cardinal a coin, you are going to look astatine the TV and get precise upset.

A increasing fig of billionaires are utilizing bitcoin to hedge against inflation.

Famed hedge money manager Paul Tudor Jones said successful October that helium preferred bitcoin implicit gold. Orlando Bravo, the billionaire who co-founded backstage equity steadfast Thoma Bravo, said successful September that helium is precise bullish astir bitcoin, expecting it to summation “significantly.”

Last week, Mexican billionaire Ricardo Salinas Pliego said the U.S. “is looking much and much similar immoderate different irresponsible 3rd satellite country.” Salinas tweeted a play illustration of the full worth of the Federal Reserve’s assets (less eliminations from consolidation) and commented: “Wow…look astatine the standard of fake wealth creation. Buy bitcoin close now.”

Do you hold with Barry Sternlicht astir bitcoin? Let america cognize successful the comments conception below.

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