Billionaire Barry Sternlitch, who chairs <a href="https://www.cryptoknowmics.com/news/starwoods-sternlicht-declares-2-3-of-his-net-worth-is-invested-in-cryptos/">Starwood capital group</a> (SCG) has shared how Bitcoin has the potential to be worth a million dollars a coin. He calls the flagship cryptocurrency a “smart hedge” in a world where global regulators continue to keep printing more money.
<h2><strong>Barry Sternlicht Calls Bitcoin a Smart Hedge</strong></h2>
Speaking at a <a href="https://www.bloomberg.com/news/videos/2021-12-06/starwood-s-sternlicht-says-2-3-of-net-worth-is-crypto-video" target="_blank" rel="nofollow noopener">Bloomberg event</a> in Miami, the chairman of Starwood Capital Group Barry Sternlicht talked about Bitcoin, having an investment firm with over $95 billion under management.

Calling his Bitcoin position as a “smart hedge”, he claimed <em>“Bitcoin is a smart insurance for investors in a world that just ‘prints money” adding “the only thing that they can’t make more of is bitcoin.</em>” He went further to note that Bitcoin has never been hacked but that it has no infinite value except for 21 million coins in circulation.

In comparison, he pointed out that gold also “really doesn’t have a lot of value,” emphasizing that one could easily have fake gold jewelry.

The real estate investor said that the world is saying to the U.S. that political segregation would make it easy for China to knock down the U.S. dollar standard. They are also going to have a lot of countries aligned with them too.

He assures that <a href="https://www.cryptoknowmics.com/news/charlie-munger-wishes-crypto-didnt-exist-praises-china-for-its-decision-to-ban-them/">China</a> won’t give up easily and will use everything at its disposal to break the dollar value. If that happens, the dollar loses its value, then there is only one thing that could maintain its value, Bitcoin.
<h2><strong>BTC Could Rise to $1 Million</strong></h2>
Admitting that bitcoin “will go down with the stock market,” he explained it could reverse, saying:
<blockquote><em>"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."</em></blockquote>
Ultimately, he claims holding bitcoin is essential no matter how small its value is as fiat currency will lose its value soon. He went further to disclose that he has about 2% to 3% of his net worth in cryptocurrencies, adding even if BTC goes to zero, it won’t hurt him.

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

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

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

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