- Bitcoin could help fight inflation brought by excessive printing of fiat currency.
- The oldest cryptocurrency may rise to 1 million dollars.
Billionaire Barry Sternlitch, who chairs Starwood capital group (SCG), has narrated how bitcoin has the potential to rise to a million-dollar worth. He called the digital coin a “smart” hedge. The comparison comes amid several countries’ continued efforts in printing fiat money.
The tycoon made the remarks in Miami at a Bloomberg event. His address focused on the general outlook of cryptos in the coming days.
The business mogul chairs SCG, a company known for real estate investments. The firm has a total of around $100 billion in its name. Forbes also places Barry among billionaires with a net worth of $4.3 billion.
Barry Sternlitch urges people to see bitcoin as a smart hedge
After naming bitcoin a smart hedge, the manager was asked how people should think of bitcoin. He affirmatively replied to that.
He explained his position. He noted that governments keep printing money, disregarding the consequences. He remains optimistic that soon the printing will come to an end. Barry feels that bitcoin is more advantageous since the government can’t make more of BTC.
The tycoon went further to note that BTC has never suffered hacking. Also, he said that BTC has no infinite value except for 21 million coins in circulation.
While comparing, Barry stated that gold also doesn’t possess alot of value. He further explained that you could easily have fake gold jewelry.
The real estate investor said that the world is talking to the USA. The political segregation would make it easy for China to knock down the American dollar value. So it might win China more countries as allies at the expense of America.
Barry Sternlitch insists 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 loses its value, then there is one thing that could maintain its value, BTC.
Admitting that bitcoin might fall with the stock market, he feels it will reverse. He stressed that BTC would reach $1 million a coin. He justifies this by saying the whole world would figure out something to earn them more. Yet BTC is the best alternative as we speak.
Several billionaires use bitcoin to hedge inflation
The billionaire noted that holding bitcoin is essential no matter how small its value is. He pointed out that soon, fiat currency will lose its value.
The business expert later said cryptocurrencies forms 2% to 3% of his net worth. However, on crypto investment, suppose it drops to zero. It won’t hurt him. He also pointed out that it won’t hurt anyone. Yet, he stressed that you would be outraged when BTC hits $1 million and you don’t hold any.
The number of billionaires relying on bitcoin to hedge inflation keeps growing. In October, Paul Tudor Jones chose bitcoin over gold. Besides, Orlando Bravo made his position on bitcoin clear. He said he is pretty bullish on bitcoin, and it will significantly grow.
Also, Ricardo Salinas Pliego recently endorsed bitcoin, pointing out the USA government’s level of fake money creation. He encouraged people to buy bitcoin now.