This Billionaire Backs Bitcoin Over Gold...But Some Say Ethereum Is Even Better

Following JPMorgan CEO Jamie Dimon's recent comments that bitcoin is worthless, two high-profile billionaires have jumped to its defense — even though they both say ethereum has some more desirable properties.

On Oct. 13, Starwood Capital Group co-founder Barry Sternlicht told CNBC’s Squawk Box that gold is effectively “worthless” and that he holds Bitcoin because every government in the “Western Hemisphere” is printing money .

Sternlicht has an estimated net worth of about $4.4 billion and is known for his investments in the real estate market through Starwood Capital Group. Founded in 1991, the investment firm is said to have about $95 billion in assets under management.

Sternlicht was asked what he thought of Jamie Dimon's repeated questioning of Bitcoin's "worthlessness."

“Gold is of little value either, and so is silver. I mean, they have some industrial use, but not much. The reason I own bitcoin is because the US government and every government in the western hemisphere is printing money non-stop right now ,"He said.

Dallas Mavericks owner Mark Cuban, who has a net worth of $4.3 billion, echoed similar sentiments in an interview with CNBC Make IT on Wednesday. Cuban said bitcoin is "better than gold," before saying he thinks ethereum is "the most profitable" investment.

Although Sternlicht is more supportive of Bitcoin than gold, he also praised Ethereum.

“Bitcoin is a simple currency that serves no real purpose other than a store of value and is very volatile. So I own some ethereum, which is a programmable bitcoin, and many other tokens All coins are built on this system.”

"I'm very interested in the whole blockchain technology, the digital ledger is going to change everything, we may already be in it," he added.

However, not every billionaire likes cryptocurrencies. Larry Fink, chairman of BlackRock ($9.4 trillion in assets under management), the world's largest asset manager, said he was "probably more in the Jamie Dimon camp."

“I’m not a bitcoin academic and I don’t know where it’s going, so I can’t tell you if it’s going to $80,000 or going to zero,” he said.