Bitcoin is being preferred over Gold by many billionaires and other large capital holders according to latest statements and actions from many big money personalities. Several of these big money individuals and funds had been interested in the crypto space for several years, often giving encouraging statements. However now, they are actually investing big in Bitcoin. The amount of capital entering the sector has reached considerable highs with long-term HODLing peaking.
Bitcoin’s Importance is Growing
Bitcoin is on a considerable long-term bull run. The largest crypto by market cap reached an all-time high of around $64.5k back in April this year but has since seen a significant price tank and followed by a significant price recovery back above $55k. However, despite the volatility and fluctuation of the price index, Bitcoin is still very much a darling of big investors and they are investing a lot, quite consistently. This has resulted in the cryptocurrency becoming a permanent fixture in the markets and business reporting. Gone are the days when the crypto sector was a fringe asset that only geeks invested in. Now come the days of big investors trying to pick up as much crypto as possible, possibly driving up the price in the process.
Gold is Worthless: Barry Sternlicht
Barry Sternlicht, who is the co-founder of the Star Capital Group and a net worth of $4.4 billion had some strong opinions during a recent episode of CNBC’s hit show Squawk Box. In response to JP Morgan Chase’s CEO Jamie Dimon’s comment that Bitcoin is worthles, he said:
“Gold is kind of worthless, too, and so is silver. I mean, they have some industrial uses, but they are minor. The reason I own Bitcoin is because the U.S. government and every government in the western hemisphere is printing money now to the end of time,”
However, Sternlicht isn’t big on Bitcoin but is rather betting his money on Ethereum. He cites Ethereum’s capacity to enable other blockchain companies and programmable nature as the main reason. Popular Shark Tank personality Mark Cuban (worth $5 billion) also echoed these sentiments during many interviews and picked out Ethereum.
I Own More in Bitcoin than Gold Now: Kevin O’Leary
Another Shark Tank personality Kevin O’Leary is also investing big in Bitcoin. The shrewd investor worth $500 million has around 6-7% of his total worth in crypto at the moment. He even revealed it that his total crypto holdings are now more than his Gold holdings for the first time ever. This is how the crypto sector is eating into the spot metal market.
Billionaires and millionaires have a lot of money. They control around 90% of all wealth on Earth. Previously, many big players like the Winklevoss Twins and other were involved in the crypto sector but they were techies and early adopters. Now, we are seeing a rush of the other side of the billionaire circle. Ordinary rich people with millions to invest who made money outside of tech or haven’t even heard of Bitcoin before. It is a seismic change that is probably going to transform the crypto sector for good.