Former stockbroker Jordan Belfort, commonly known as the “Wolf of Wall Street”, admitted that his predictions that Bitcoin (BTC) would go to zero were wrong. He also gave some crypto advice. Here are the details…
Belfort changed his stance against Bitcoin and cryptocurrencies
Speaking in an interview with Yahoo Finance, Belfort stated that his stance in 2017 stemmed from his view that the asset was a scam. He said that Bitcoin appears to have the characteristics of a fraudulent project. Belfort used the following statements:
Back when 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, I said it was a scam because it looked that way.
2018 crypto winter hits Belfort
Furthermore, Belfort stated that he believes that following the growth of cryptocurrencies, regulatory pressure will push it to zero as its existence likely poses a threat. He also explained how the 2018 crypto winter changed his mind.
It was still a multi-billion dollar market when it crashed and dropped to $3,000. Like the Terra (LUNA) crash, there’s nothing like waiting a second when something goes wrong. This is what happens when they have to hit the road. That was the first thing that made me take a closer look. My original thesis was the hegemonic risk to tensions between the US and China, and that’s the real thing that really drove me down on Bitcoin.
Bitcoin and Ethereum will succeed
Interestingly, the former stockbroker said he was beginning to understand the qualities that a “digital gold” embodies in Bitcoin. He announced that he had changed his mind. Along these lines, pushing for crypto regulation, Belfort added that Bitcoin will likely start trading as a store of value and a growth stock. On the other hand, Belfort talked about the growth trajectory of the crypto industry. He suggested that the trajectory would reflect the dot-com bubble, in which certain cryptocurrencies would collapse before rallying again.
He emphasizes that the cryptocurrencies that are likely to come to the fore will be Bitcoin and Ethereum (ETH) in the long run. In particular, it believes in projects with strong management and utility. As a result, he still stands behind most of his criticisms. However, it pointed to the growing mainstream adoption of BTC and crypto. He said that realizing that the industry wasn’t going to be banned completely eventually changed his mind.
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