Jordan Belfort, who is the original ‘Wolf of Wall Street’ is right now saying “I told you so” about the Bitcoin prices. The Bitcoin skeptic has always been critical at the cryptocurrencies and right now has more confidence to say that the situation is going as (he) planned.
In a video that he shared on his YouTube channel, Belfort claimed it is the “beginning of the end” for Bitcoin as the market has run out of fools. He also believes that the market has not “even crashed yet” and warned investors of an imminent meltdown where they could “lose all of their money”.
Belfort also spoke about the “greater fools theory” in his video, which according to him is the main issue affecting the market – and the one that will lead to its end. To those of you who don’t know about it, The Greater Fool theory is an investment theory which believes that the price of a security can be justified by the rational buyers who “foolishly” believe that someone else can pay a higher price for it – irrespective of its intrinsic value.
However, Belfort is not all negative at the entire crypto space. He is, in fact, a believer of the blockchain technology. He said that while he believes in blockchain and its use cases, he advises investors who are holding Bitcoin to “get out if you don’t want to lose all of your money”.
This is not the first time Belfort is criticizing Bitcoin openly. Last year, he said that the cryptocurrency was a fraud and that it is “backed by nothing other than a program that creates artificial scarcity.”
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]