Jaime Foxx and Barry Sternlicht
Source: Getty

What Can Bitcoin Do for Barry Sternlicht’s Net Worth?

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Oct. 14 2021, Published 2:14 p.m. ET

Barry Sternlicht became a billionaire due to successful real estate investments. That isn't about to change, but the head of Starwood Capital Group is also drawn to crypto. The real estate mogul owns Bitcoin and Ethereum. Can Bitcoin take Sternlicht’s net worth to a whole new level with its price predicted to hit $200,000?

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Barry Sternlicht

Co-founder, chairman, and CEO of Starwood Capital Group.

Net worth: $4.4 billion

Barry Sternlicht is an American real-estate mogul. He’s the co-founder and CEO of investment fund Starwood Capital Group. The fund has $95 billion in assets under management. Sternlicht owns Bitcoin and has sponsored several SPACs.

Birth date: November 27, 1960

Birth place: New York City

Birth name: Barry Stuart Sternlicht

Father: Maurycy Sternlicht, plant manager

Mother: Harriet, biology teacher, stockbroker

Marriages: Mimi Reichert (1980s–2016, separated)

Children: 3

Sternlicht got a Bachelor of Science degree from Brown University and a Masters in Business Administration from Harvard. After graduating, he landed a job at a Chicago-based real estate investment company called JMB Realty. Amid the savings and loan crisis in the 1990s, the company cut jobs and Sternlicht was laid off.

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How Barry Sternlicht built his $4.4 billion net worth

Sternlicht has a net worth of $4.4 billion, according to Forbes. The layoff from JMB Realty marked the start of a successful real estate career for Sternlicht. He teamed up with Bob Faith to start Starwood Capital Group as an investment fund. The fund purchased apartment buildings owned by banks stressed by the savings and loan crisis. It expanded into hotel investments about bought Westin Hotels and Sheraton Hotels. Currently, Starwood Capital manages assets worth $95 billion.

What can Bitcoin do for Barry Sternlicht’s net worth?

Sternlicht’s fortune is mainly anchored on real estate investments. Bitcoin is also in Sternlicht’s portfolio, despite JPMorgan CEO Jamie Dimon saying that Bitcoin is worthless and a fraud.

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For Sternlicht, the point of investing in Bitcoin isn't necessarily to grow his net worth but to protect it. The real estate mogul is alarmed by how governments are printing money and causing inflation. He compares Bitcoin to gold as a store of value.

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Chamath Palihapitiya is another billionaire who has embraced Bitcoin as a hedge against inflation. He predicts that Bitcoin's price will hit $200,000 from about $60,000 now. Tim Draper, another billionaire Bitcoin bull, predicts that the crypto will reach $250,000 by the end of 2022.

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In addition to Bitcoin, Ethereum is another crypto favorite for Sternlicht. Although the billionaire might not be into Bitcoin to make more money but preserve his wealth, he could still make a killing with crypto. The growing popularity of DeFi products promises to bring more money to the crypto sector.

Barry Sternlicht’s SPACs

Sternlicht has sponsored several SPACs. One of those blank-check companies took Cano Health public. Cano Health is a care delivery platform focused on the seniors market. Another Sternlicht SPAC merged with Velo3D, which is an additive manufacturing technology company.

Barry Sternlicht separated from his wife in 2016.

Barry Sternlicht married Mimi Sternlicht. The relationship developed during their time at Brown University. The couple separated in 2016 but have three children together.

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