By Nathan Ferguson
According to reports, some personalities believe that Bitcoin is “worthless” and Ethereum is much more useful to work with. However, others defend the crypto king.
Skeptics about Crypto
During a recent event, hosted by the Institute for International Finance, CEO of JPMorgan, Jamie Dimon shared his personal opinion about the two top cryptocurrencies in the world, stating that Bitcoin is ‘worthless” and that Ethereum is a much better set of use cases to work with. Jamie has doubts about the limited supply of Bitcoin and specifically mentioned that he has always been a questioner, in regards to “stuff like that.” CEO of BlackRock, Larry Fink, also shared his thoughts about crypto. Showing concern about the volatility, Larry said that he is confused if cryptocurrency is going to maintain value or fall to $0 in the future.
Bitcoin Defended
In response, two well-known Billionaires stood with Bitcoin in the matter, mentioning many factors that make it a very viable option for investment and trade. One of the well-known Billionaires, Co-founder of Starwood Capital Group, and has a net worth of $4.4Billion in value, Barry Sternlicht, spoke about the matter during a who hosted by CNBC.
Recognized by his impressive investment strategies in the real estate market, Barry said that he favors and holds Bitcoin because he thinks that Gold has no use and that many governments are responsible for pouring too much fiat money into the market. In addition, Barry also thinks that silver has no use either, calling both Gold and Silver to be ‘minor.’ Barry said that his interest in the world of crypto has increased and thinks that it will bring a massive change into the financial market.
Ethereum’s Dominance in the Market
Mark Cuban, another billionaire worth around $3.3Billion and owner of the famous U.S basketball team, the Dallas Mavericks, supported Barry’s thoughts as he also talks heavily in favor of cryptocurrencies. Mark Cuban also mentioned the importance of Bitcoin in the market but said that Ethereum is currently the most beneficial when it comes to investment into the crypto space.
Barry Sternlicht also had similar views about Ethereum, stating that Bitcoin is a ‘dumb coin’ that has no use other than being “a store of value” with Ethereum on the other side, basically being “Bitcoin that can be programmed,” having support for multiple external coins on its network.