Bitcoin Could Rise To $1M, Billionaire Barry Sternlicht Says

Barry Sternlicht, the chairman of Starwood Capital Group, said Bitcoin (BTC) has the potential to reach $1 million, reported Bitcoin.com.

Speaking at a Bloomberg event in Miami, the billionaire said the world's biggest cryptocurrency by market cap is a "great hedge" while the authorities are printing money and raising inflation by historical numbers.

"The only thing that they can't make more of is bitcoin," said Sternlicht, who is worth $4.4 billion as per Forbes. Starwood Capital Group, a private equity firm with around $95 billion of assets under management, is one of the world's biggest real estate investors.

"The only thing that they can't make more of is bitcoin," he said. He also stated that "the government just prints money, and prints money, and prints money, and prints money, and doesn't seem to have any consequences."

Furthermore, he stated that more than 21 million BTC cannot be created, and this constraint makes it unique and a deflationary asset. Sternlicht also focused on the fact that there have been no incidents of BTC being hacked.

"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," he stated.

Moreover, the billionaire also focused on the fact that there are multiple nations trying to break the dollar standard, and, if as a result, the U.S. dollar devalues, Bitcoin could be the one thing that could hold its value.

Sternlicht also said that he has nearly 2-3% of his money in Bitcoin and said that "if it goes to zero, it won't hurt me either, it won't hurt you."

This statement from Sternlicht comes at a time when Bitcoin (BTC) is experiencing a downtrend. The price of the world's biggest cryptocurrency, as of 1:00 a.m. ET is down from an all-time high by nearly 26.59%, standing at $50,500, data from CoinMarketCap shows.

BTC dropped below its important support of $53,000 Saturday, touching a monthly low of $42,000: levels not witnessed since September.

In a similar statement, author of Rich Dad Poor Dad, Robert Kiyosaki said that he is also buying Ethereum and Bitcoin as a hedge against inflation as they are deflationary assets.