US Billionaire Weighs In on Gold and Bitcoin's Value

US billionaire Barry Sternlicht, CEO of Starwood Capital Group, has shared his opinions on the value of gold and cryptocurrencies in an interview with CNBC's Squawk Box. In a candid discussion, he stated that he owns Bitcoin due to its finite supply and the current economic climate, where governments are 'printing money now to the end of time'. He also expressed his views on gold, claiming it is 'kind of worthless' despite its industrial applications.

Sternlicht's comments come as Bitcoin has faced a price decline following Binance's announcement to shut down its crypto-CNY OTC trading service. This move was in response to the Chinese government's recent ban on cryptocurrency transactions. As a result, Bitcoin's value dropped below $57,000 before recovering slightly.

The CEO's stance on gold and cryptocurrencies is in contrast to that of Jamie Dimon, JP Morgan's CEO, who has previously called Bitcoin 'worthless'. However, Sternlicht emphasized the unique characteristics of Bitcoin, such as its finite supply and global tradability, which set it apart from traditional currencies.