The Wolf of Wall Street, Jordan Belfort: I Was Wrong About Bitcoin Going to Zero

Jordan Belfort (the man who inspired the Oscar-winning movie The Wolf of Street) stated that he was wrong in claiming that Bitcoin’s price would reach zero on August 27.

Belfort stated that he hated cryptocurrency when he made the claim in 2017 because it was filled with scammers. Although this has changed over time, it is still an adverse effect from decentralization.

“At the time I hated crypto, I stand behind everything I said about crypto in 2017. But I was wrong about Bitcoin going zero. I didn’t pay enough attention to that, so I just said it’s scam because it seemed like that in all the earmarks.

Bitcoin has been proven to be a scam

Belfort, a self-described NFT Twitter enthusiast was not surprised that Bitcoin did not fall to zero.

“What made me look at it more closely was when it crashed slowly but surely. It was number one.

Belfort also feared that U.S. regulations might slow down Bitcoin adoption as China had been trying to do. However, the U.S. senators and governors are pro-Bitcoin, and they are trying to ensure that regulations don’t hinder its progress, which is something that has not happened in China.

Jordan Belfort Sees Bitcoin As a Long-Term Investment

Belfort warns people not to expect to see their Bitcoin investments in 12-24 months. They should aim to have a time horizon of 4 to 5 years. He would be “surprised” if they didn’t make any money in that timeframe due to Bitcoin’s “underlying principles,” which are very strong.

“Eventually, bitcoin will be mature enough to start trading more like a store-of-value and less like an investment stock.”

Belfort pointed out that regulations are necessary to improve the cryptocurrency ecosystem. Although there are many frauds and scams in traditional markets, these seem insignificant when compared to the cryptosphere.

A common person can trade the stock market and make decent profits even if they have very little knowledge. However, the crypto market is a place where “people are slaughtered.” This could be changed if there are appropriate pro-innovation regulations.

Belfort made it clear that he only trusts Bitcoin, Ethereum, and that any other investments he makes in other currencies will be for speculation or gambling with friends. He also stated that it is a risky move that can cause people to lose everything.

CryptoPotato’s first post, The Wolf of Wall Street: Jordan Belfort: I Was Wrong about Bitcoin Going to Zero appeared on CryptoPotato.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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