Jordan Belfort was wrong about Bitcoin being a scam, and the crypto eventually going to zero. Now Belfort thinks otherwise and has become a great Bitcoin proponent.
Jordan Belfort, the inspiration for the award-winning film The Wolf of Wall Street, admitted to Yahoo Finance on August 27 that he was mistaken when he predicted that the price of Bitcoin would approach zero.
When Belfort made that remark in 2017, he “hated cryptocurrencies” because the market was riddled with frauds, as he described it. This has been gradually changing over time, but it remains a negative result of decentralization.
“At the time that I really hated crypto, I stand by everything I said about crypto in 2017 except for one thing, I was wrong about Bitcoin going to zero, but I didn’t look closely enough because I just said it’s a scam because it just seemed like that because in all the ear markings of that,”
Bitcoin Is Not A Scam – It’s Proven
Belfort, a self-proclaimed NFT Twitter aficionado, stated that he altered his view regarding Bitcoin “after it fell and dropped down to $3,000.” During the 2018 crash, the Bitcoin price did not go to zero as the billionaire had predicted, i.e., it did not drop all at once like Terra (LUNA) did, so he began to investigate the project.
Jordan Belfort was wrong about Bitcoin being a scam. He said on the matter:
“What turned me, was slowly but surely, number one when it crashed and it went down to three thousand dollars, like it was still like a multi-billion dollar market, I’m like wait a second, when things crash they go like luna terra and UST that’s what happens, they’re supposed to go the way of UST, that was the first thing that made me start looking closely at it “
At the time, Belfort was concerned that US laws might limit Bitcoin acceptance, as China had done. Unlike in China, however, some senators and governors in the United States support Bitcoin and are striving to ensure that restrictions do not stymie its growth.
Bitcoin Is A Long-Term Investment, Jordan Belfort Says
People should not invest in Bitcoin expecting to see a return in 12 or 24 months, according to Belfort. They should ideally have a time horizon of 4 to 5 years. He would be “surprised” if they didn’t make money over that time period due to Bitcoin’s “underlying fundamentals,” which are quite robust.
“At some point in time there’ll be enough maturity with bitcoin where it starts to trade more like a store of value and less like a growth stock.”
Belfort stated that laws are required to improve the cryptocurrency environment because, while there are numerous scams and frauds in traditional markets, they pale in comparison to the crypto realm.
A layperson with less expertise may trade and profit in the stock market. In contrast, “people get butchered” in the cryptocurrency market. And this might change if appropriate pro-innovation rules are put in place.
Concerning Belfort’s preferred cryptocurrencies, the Wall Street tycoon stated unequivocally that he only trusts Bitcoin and Ethereum, and that any other investment he makes in other currencies will be for speculation or gambling with his friends, and that, as he states, it is a move that requires people to be willing to lose everything.
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