Jordan Belfort, known as the “Wolf of Wall Street,” is no stranger to the world of finance and investment. He became infamous for his involvement in securities fraud and financial crimes in the 1990s. Still, Belfort shared his thoughts on some of the most intriguing topics in the financial world, including cryptocurrency.
Cryptocurrency, madness and mass delusion?
cryptokoin.comAs you follow from , many famous names initially took a stand against cryptocurrencies. However, over time, they have turned into strong crypto advocates. Jordan Belfort has experienced a similar transformation, although he is not a strong defender yet. Belfort admits that he was initially skeptical of cryptocurrencies. In fact, Belfort initially described crypto as “madness and mass delusion.” However, the perspective has evolved, especially regarding Bitcoin and Ethereum (ETH). Belfort acknowledges his past skepticism. However, he attributes this to manipulation in the early cryptocurrency markets.
Belfort acknowledges the potential of certain assets such as Bitcoin and Ethereum. However, he continues to act cautiously. He also advocates a cautious approach to investing. He recommends a long-term strategy focusing on a low-cost S&P 500 index fund.
Bitcoin and Ethereum have a different place!
Belfort continues to be critical of many cryptocurrencies and projects. However, he now sees Bitcoin as an elegant solution, especially as a store of value. His long-term belief in BTC is in line with growing institutional interest, although he acknowledges the volatility and uncertainty surrounding it. In this context, Belfort says:
I think Ethereum potentially has all of these use cases. However, I still don’t know what these usage areas are. I think Bitcoin has really established itself right now, at least from what we’ve seen from the rush by major institutions to create ETFs. And there’s a lot of corporate sponsorship coming in. I think this is a great leading indicator for Bitcoin, much less so for Ethereum. Again. I think Ethereum is absolutely legitimate. I don’t think Ethereum is a hype.
Remains skeptical of NFTs
When it comes to Non-Fungible Tokens (NFTs), Belfort remains skeptical. He says he has received offers to create his own NFTs. But he notes that he ultimately chose not to continue due to concerns about their long-term repercussions. In this context, Belfort says:
I never sold it. For example, as you can imagine, I have been approached many times to make wolf NFTs! I could have made $20-30 million off of it, but I never did. I came very close to trying it, for example, I researched it, I came close to doing it. But then every time. “I don’t see how this won’t be a disaster,” I was saying. In the end, it found no legitimate use. You know, how would it hold its value? And I saw other people, very respectable people who made $5,100 million.
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