Wolf of Wall Street Says Bitcoin Investors Will ‘Almost Definitely Profit’, So How’s the History of Bitcoin?

Jordan Belfort. Source: screenshot of a video, Yahoo UK / YouTube

Former stockbroker Jordan Belfort, better known as ‘The Wolf of Wall Street’, argued that investors who now buy bitcoin (BTC) will “almost certainly” profit. But this isn’t Belfort’s first comment on bitcoin and its future – he admits he’s changed his mind about the coin – and his track record so far has been mixed.

Belfort’s latest prediction for how bitcoin will perform going forward was shared during a video interview with Yahoo Finance at the end of June. “With reasonable luck, I think you’ll almost certainly make money if you get a 24-month horizon,” Belfort said during the interview. Added:

“If you take a three or maybe five year horizon, I would be shocked if you don’t make any money because the fundamentals underlying bitcoin are really strong.”

When asked about his top three investment choices for a “long-term game,” Belfort responded by suggesting “bitcoin,” “ethereum,” and “bitcoin” as his first, second, and third favorite choices.

The praise of Bitcoin as an investment asset marks a sharp turnaround for Belfort, who, as in 2018, believes that Bitcoin is based on the “bigger fool theory” and advises holders to get rid of their coins before they lose all of their value. .

However, this wasn’t the only time Belfort predicted bitcoin’s demise – and over time his comments would gradually evolve into more positive ones.

December 2017

“It’s definitely a bubble,” Belfort said on CNN in December 2017, adding a stern warning about other crypto assets as well, saying “people are using the success of bitcoin to generate these huge pumps and dumps.”

“Remember the Tulip bubble, where they started trading futures on tulips. […] You make one more move and then all of a sudden, ‘baaam!’, it crashes and it’s over,” Belfort said.

June 2018

“Bitcoin is all based on the bigger idiot theory. I know this better than anyone in the world. I’m not proud of it, but I’m proud of it,” Belfort said in a YouTube video he uploaded to his channel.

“You can be a pro blockchain technology, not a pro-Bitcoin. They are not the same thing. “If Bitcoin had blockchain technology and everyone had to license it, that would be one thing, that would be a different story, but there is nothing proprietary about Bitcoin.”

He added that the market price at the time – around USD 6,100, was “not even close to the bottom” and “it hasn’t even crashed yet”.

September 2018

“I was a scammer, yes I was,” Belfort said in an interview in September 2018, raising the alarm about the risks he sees with bitcoin.

In the interview, Belfort revealed that his former firm was partially involved in “manipulation of stocks” and admitted that he was “connected to science”.

“This is exactly what happens with Bitcoin,” he said.

January 2021

Fast forward to the start of 2021, Belfort still seemed hesitant about bitcoin, predicting that it would eventually come under some kind of regulatory attack from the government.

“How could they let this be something that could be used so easily for money laundering?” he asked, before adding that he thought “the technology itself is really elegant, really useful.”

It’s worth noting that Belfort is starting to look optimistic about bitcoin’s price prospects at this point.

“If the U.S. government doesn’t take steps to crush it, I think it could go a lot higher,” he said.

March 2021

In March 2021, amid that year’s bull run, Belfort went bullish on the original cryptocurrency, saying in an interview with Fortune that he believes the coin could reach $100,000 by the end of the year.

Among the arguments he used for the claim was that bitcoin has a “far larger buyer base than ever before” and has a “fixed, limited supply.”

July 2021

A few months later, in July of the same year, Belfort once again updated his bitcoin forecast, saying he saw between $45,000 and $70,000 by the end of the year.

In the aforementioned June interview, Belfort explained that he stood by his previous Bitcoin statements when he “really hated” crypto except for one – BTC would go to zero.

“Living an empowered life,” he argued, is based on observation, learning new information, adapting, and growing.

The bottom of the 2018 bear market came in December of that year when BTC briefly dropped below USD 3,200. The journey to last year’s all-time high marked more than 2,000% rally for the number one crypto.

At 06:40 UTC on Friday, bitcoin traded at $20.643, down 70% from the all-time high of $69,044 seen in November last year.


Learn more:
Bitcoin Could Drop To $13.6K This Year After Panel Recalibrates Forecasts Once
– Majority Waits for Bitcoin to Reach $10,000 Before Rising – Poll

– The Wolf of Wall Street On Why Cryptocurrency Is A Great Equalizer
– Bitcoin Lifeboat, Long Rescue Path, and Exaggerated BTC Deaths: Saylor, CZ, and Professor Weigh

– Don’t Fear the Reaper: Why the Market Downtrend is Good for Crypto
– Bitcoin Stock-Flow Model and Its Adherents Failure Clearly Under Fire Again

– Crypto Ahead of US Inflation Figure, Bitcoin Chain Metrics Signal Drops as ‘Oversold Conditions’
– The Impending Recession Will Hit Crypto, But It’s Not As Hard As You Think

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