Jordan Belfort, a former stockbroker known as the “Wolf of Wall Street” Bitcoin (BTC) admitted that his initial prediction that it would go down to zero was wrong.
Speaking during an interview with Yahoo Finance, Belfort stated that his stance in 2017 was due to the idea that this asset is a scam, while suggesting that Bitcoin has the characteristics of a scam project.
Belfort explained his thoughts as follows:
“from cryptocurrencies I stand by everything I said about the crypto industry back in 2017, when I really hated it, except for one thing, I was wrong about Bitcoin going to zero but I didn’t pay enough attention, I said it was a scam, I thought I saw signs of it.”
Belfort’s Thoughts on Bitcoin Have Changed After the 2018 Crypto Winter
Also, Belfort stated that he believes that after the growth of cryptocurrencies, a legal pressure will push BTC to zero at that time, possibly because it poses a threat. However, the famous stockbroker said that the 2018 crypto winter changed his mind:
“It was still a multi-billion dollar market when the bitcoin price crashed and fell as low as $3,000. When something should crash you wait a while and they reset completely, that’s how Terra happened. The resistance of BTC caught my attention.
My initial view was that the US would ban BTC, as did China. So I was thinking quite bearish for BTC.”
Interestingly, the former stockbroker explained that what changed his mind was that Bitcoin had the qualities of a digital gold. In line with this, Belfort, who advocates crypto regulation, added that over time, BTC will likely start to be traded as a store of value and not as a growing stock.
*Not investment advice.
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