In 2018, Jordan Belfort said that crypto is just a scam to make money. He also warned that people could lose all their investments on Bitcoin (BTC).
In a new interview on Crypto Mile, the infamous stockbroker who inspired the movie The Wolf of Wall Street admits that he was wrong about his stance on Bitcoin.
7:03 “At the time that I really hated crypto, I stand by everything I said about crypto in 2017 except for one thing. I was wrong about Bitcoin going to zero.”
He says that Bitcoin could even serve as a long-term hedge against inflation.
“I think the issue right now is you have to look at Bitcoin and not take a 12-month or 24-month horizon. With reasonable luck, I think if you take a 24-month horizon, you’ll almost certainly make money, maybe not, but I think if you take a three-, four-, five-year horizon, I would be shocked if you didn’t make money because the underlying fundamentals, I believe, are really strong.
There’s a limited supply and as inflation does keep going and going and going, at some point in time there’ll be enough maturity with Bitcoin where it starts to trade more like a store value and less like a growth stock.”
The flagship cryptocurrency is also Belfort’s top crypto pick for long-term investment, followed by Ethereum (ETH).
Source: https://dailyhodl.com/2022/07/16/wolf-of-wall-street-jordan-belfort-says-he-was-wrong-about-bitcoin-names-two-crypto-assets-for-long-term-plays/