- Jordan Belfort, better known as “The Wolf of Wall Street”, recently shared his views on the cryptocurrency market.
- Belfort acknowledged that he previously had a wrong position on the Bitcoin project.
- Belfort is not a fan of most cryptocurrency projects on the market.
Speaker and former stockbroker Jordan Belfort, better known as “The Wolf of Wall Street”, recently shared his thoughts on the cryptocurrency market, admitting that he was wrong about Bitcoin in the past.
During an interview for Yahoo Finance’s Crypto Mile, Belfort said this weekend that Bitcoin has exceeded his expectations, noting that he is not a follower of most cryptocurrency projects on the market.
The Wolf of Wall Street revealed his two favorite cryptocurrencies in the first installment of Crypto Mile, which also featured economist Steve Hanke and Bitcoin educator Jimmy Song.
Belfort acknowledged that he previously had a wrong position regarding the Bitcoin project, and that is that he believed that the price of the main cryptocurrency in the market would go to zero.
“At the time when I really hated crypto, I kept everything I said about crypto in 2017 except for one thing. I was wrong about Bitcoin going to zero.”
Jordan Belfort, “The Wolf of Wall Street”.
Four years ago, Belfort declared that Bitcoin and other cryptocurrencies had no reason to exist, and had only been invented as schemes to generate profit. However, his opinion of Bitcoin took a radical turn: the former broker now considers it to be a solid long-term project.
Belfort explained that the fundamentals of Bitcoin are solid and that its historical behavior must be analyzed by taking into account study intervals of at least two years:
“I think the problem right now is that you have to look at Bitcoin and not take a 12 or 24 month horizon. With reasonable luck I think if you take a 24 month horizon you’re almost certainly going to make money maybe not but I think if you take a three or four or five year horizon I’d be surprised if you didn’t make money because the fundamentals underlying, I think, are really solid.”
Jordan Belfort, “The Wolf of Wall Street”.
Belfort highlighted the scarcity of Bitcoin (there will be no more than 21 million BTC), and inferred that at some point it will be priced beyond a share, and even more so in the face of inflation that is impacting the world economy.
“There is limited supply and as inflation goes on and on and on, at some point there will be enough maturity with Bitcoin where it will start trading more like a store value and less like a growth stock.”
Jordan Belfort, “The Wolf of Wall Street”.
In this way, Belfort made it clear that his favorite cryptocurrency is Bitcoin. However, he also considered Ethereum as a second long-term investment option.
