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American Billionaire Barry Sternlicht Purchases Bitcoin (BTC), Ether (ETH) as a Hedge Against Inflation

News
American Billionaire Barry Sternlicht Purchases Bitcoin (BTC), Ether (ETH) as a Hedge Against Inflation

American billionaire Barry Sternlicht is the latest to join the cryptocurrency bandwagon.

Sternlicht Sees Crypto As Hedge Against Inflation

In a recent interview with CNBC, Starwood Capital Group Co-founder Barry Sternlicht dubbed bitcoin (BTC) as a financial tool that can help against the mass printing of fiat currencies.

Sternlicht said that unlike the typical government-issued currencies, BTC has a maximum supply of 21 million which acts as the premier cryptocurrencyโ€™s hard ceiling and make it resistant to inflation.

He said:

โ€œThe reason I own bitcoin is because the US government and every government in the 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.โ€

That being said, it would be a stretch to label the 60 year old billionaire a BTC maximalist. He said that the only real purpose of bitcoin is to function as a reliable store of value.

In fact, Sternlicht sounds more receptive toward the multiple utilities of ether (ETH), the native cryptocurrency of the Ethereum blockchain. He dubbed ETH as โ€œa programmable bitcoinโ€ with a lot more use-cases than the top cryptocurrency by reported market cap.

Speaking of ether, the billionaire added:

โ€œI own some of it too.โ€

Sternlicht went on to state that in addition to the top two cryptocurrencies, he is very much interested in blockchain technology as a whole as it offers a wide array of potential use-cases that cut across industries.

Billionaires Warming up to Bitcoin

That Sternlicht has publicly endorsed the orange coin should not come as a surprise as an increasing number of the ultra-rich around the world are steadily warming up to cryptocurrencies as a reliable asset class.

As previously reported by BTCManager, billionaire hedge fund manager Paul Tudor Jones purchased bitcoin last year as a safe haven against the Fedโ€™s infinite money printing.

Most recently, pro-crypto US Senator Cynthia Lummis revealed that she had added $100,000 worth of bitcoin to her personal portfolio, indicating BTCโ€™s rising trust among policymakers and individuals with regulatory influence.

At press time, bitcoin trades at $57,634, as seen on CoinGecko.