J. Belfort of ‘Wolf of Wall Street acknowledges he was incorrect about Bitcoin’s demise


Former stockbroker Jordan Belfort, often known as the “Wolf of Wall Street,” has admitted that his first prediction that Bitcoin (BTC) would reach zero was incorrect.

During an interview with Yahoo Finance on August 27, 2017, Belfort said that his 2017 stance was based on his belief that the asset was a fraud, and that Bitcoin had characteristics of a fraudulent scheme.

In addition, after the emergence of cryptocurrencies, according to Belfort, a governmental crackdown would certainly reduce the value of the asset to zero since it constituted a danger. Concurrently, he discussed how the crypto winter of 2018 altered his perspective.

“When it plummeted and fell below $3,000, the market was still worth billions of dollars.” I’m like, wait a minute when things are meant to collapse, they behave like Terra (LUNA). This was the first detail that prompted me to begin observing intently. My initial thesis was the sovereign risk that the U.S. will just say no more like China did, and that was the underlying reason I was so pessimistic on Bitcoin,” he continued.

Intriguingly, the former stockbroker claimed he changed his view after seeing Bitcoin has characteristics of digital gold. In this statement, Belfort, who advocates for crypto regulation, stated that Bitcoin would likely begin trading as a store of wealth and less as a growth stock as it matures.

In other contexts, Belfort has speculated that the crypto sector’s development trajectory would resemble that of the dot-com boom, with some digital currencies crashing and then recovering.

He thinks that the cryptocurrencies most likely to stand out are those with great management and usefulness, while Bitcoin and Ethereum (ETH) are likely to prosper in the long run.

Harry Dent, the founder of HS Dent Publishing and editor-in-chief of The Economist, advocated the emergence of cryptocurrencies. According to Finbold, Dent thinks that cryptocurrencies are the “next big thing,” but that the market will first endure a fall before rising, comparable to the Amazon stock boom.

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