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Barry Sternlicht, the chairman of Starwood Capital Group, said he has about 2-3% of his net worth in cryptocurrency.
Speaking at a Bloomberg event Friday in Miami, Sternlicht said Bitcoin is a smart hedge for investors in a world that just “prints money.”
“If it goes to zero, it won’t hurt me,” he said.
Sternlicht also said he expects to see inflationary pressure on commodities from the U.S. stimulus package, exacerbating a housing shortage and driving up rents. Miami Beach-based Starwood has about $100 billion under management in real estate, debt and energy assets.
