The ‘Wolf of Wall Street’ inspiration – Jordan Belfort – seems to have changed his vision on Bitcoin.
Bitcoin stands today with the most used, invested and biggest cryptocurrency around the globe. The massive growth of crypto assets in quite a short time was impressive. Bitcoin’s outstanding performance throughout its journey left many people surprised and proven their assumptions wrong. Jordan Belfort – real life Wolf of Wall Street – remains one of them.
In a recent interview, the infamous stockbroker said that he is not fond of many cryptocurrencies. Yet he admitted that the flagship cryptocurrency – bitcoin – has performed far better than his expectations.
Belfort stated that he really hated crypto assets at the time and he still means and stands with his statement of way back in 2017. However, there is one thing that he admits that he was wrong and that is his assumption of bitcoin losing all of its value and going zero.
In the year 2018, Belfort had different opinions about cryptocurrencies. He said that there was no good reason for those digital assets to even exist. He said that they are nothing more than a scheme to make money. However, thoughts of the original Wolf of Wall Street have changed and now he thinks of bitcoin investment as a solid and long-term play.
Jordan Belfort said that he thinks the matter at present is that bitcoin should not be looked at within a short span of 12 months or 24 months. He said that even the 24 months time frame, with suitable luck, may make money for someone and maybe a similar may not happen.
However, the penny stock trader argues that having a long term vision of at least three, four, or five year will definitely give substantial returns.
Belfort said that there are definite chances of making money with enough long time in hand given his strong beliefs in underlying fundamentals. He said that bitcoin has a limited supply and considering the inflation to keep growing at a similar pace, it will have enough maturity that it will be started using as a store value instead of a growth stock.
Source: https://www.thecoinrepublic.com/2022/07/17/why-jordan-belfort-admits-having-a-wrong-stance-about-bitcoin/