Bitcoin price fell to $54,800 then rallied to $56,000, so not BTC, gold to be kind of worthless

Bitcoin price just dropped to $54,800, as AZCoin News reported, just because Larry Fink, CEO of asset management behemoth BlackRock, expressed skepticism about BTC. Then at the time of writing, Bitcoin price is changing hands at $56,276.


BTC/USD 4-hour chart | Source: TradingView

Not Bitcoin price, gold to be kind of worthless

In an interview with Andrew Sorkin, host of CNBC’s Squawk Box, CEO, and founder of Starwood Capital Group, U.S. billionaire Barry Sternlicht says Bitcoin price has no real purpose. Despite not being a BTC maximalist, Sternlicht believes that gold to be kind of worthless. This is why he holds Bitcoin and Ethereum.


Global investor Barry Sternlicht

“I trust Bitcoin as a store of value because it has a finite supply. At the same time, the U.S. and other Western countries are printing money now to the end of time. Besides, Bitcoin is something that can be traded globally,” he stated.

Even so, he still doesn’t feel the leading cryptocurrency has any particular purpose other than being used as a store of value. As for gold, the U.S. billionaire claims that the precious metal is worthless, although it does have some industrial use-cases. Here, Sternlich says he disagrees with JP Morgan CEO Jamie Dimon, who recently called Bitcoin worthless. Or Larry Fink, CEO of wealth management giant BlackRock, criticized Bitcoin with the exact words of Dimon.

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