The chairman of Starwood Capital Group shared his views on how Bitcoin could grow to be worth a million dollars a coin. He said the cryptocurrency is a “smart” that could help fight inflation brought by excessive printing of fiat currency.
Billionaire Barry Sternlicht believes Bitcoin could eventually reach $ 1 million per coin. The chairman of Starwood Capital Group spoke about the prospects for cryptocurrencies, particularly Bitcoin, during a speech at a Bloomberg event in Miami.
Sternlicht, who runs a private equity firm specializing in real estate investments and manages around $ 100 billion in real estate, debt, and energy assets, called Bitcoin a “smart” hedge. The tycoon’s address focused on the general outlook of crypto in the coming days amid several countries’ continued efforts in printing fiat money.
The government just prints money
Noting that he called his Bitcoin stance a “big hedge,” the billionaire was asked, “Is this how we should all be thinking?” Sternlicht firmly replied: “Yes.” Sternlicht explained that we live “in a world where the government just prints money, and prints money, and prints money, and prints money, and it doesn’t seem to have consequences. Noting that “Sometimes it will end,” stressed the billionaire:
“The only thing that they can’t make more of is Bitcoin […] never been hacked […] it has no real value other than there are 21 million coins” that are “infinitely divisible.”
The real estate investor opined that due to the U.S’s political isolationism, China was trying its level best to knock down the value of the American dollar. In trying to make a comparison, Sternlicht opined that even gold didn’t possess so much value, saying that anyone could easily fake gold jewelry. He said he believed the Chinese “are going to have a lot of countries aligned with them.”
One thing that could maintain its value, BTC
Barry Sternlicht insisted that China won’t give up easily. He added that it is evident; China will use everything at its disposal to break the dollar value. Supposed that becomes the case, and the dollar lost its value, then there was one thing that could maintain its value, BTC. While admitting that Bitcoin “will go down with the stock market,” he stressed that in his opinion, “it will reverse,” elaborating:
“It would go to $1 million a coin. It could do that because everyone, it’s not U.S. investors, the whole world will look at one thing that they can’t make more of, and that would be Bitcoin.”
The billionaire revealed that he held around 2% to 3% of his net worth in cryptocurrencies. Regarding investing in crypto, he said:
“If it reaches zero, it won’t hurt me either, it won’t hurt you […], but if that hits $ 1 million apiece, you’re going to watch TV and get upset.”
Tom is a freelance writer with over 10-years’ experience in content creation, blog writing, and SEO specializing in the blockchain and cryptocurrency niche. As a philosophical figurehead, he believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.