Wolf of Wall Street Jordan Belfort Says He Was Wrong About Bitcoin, Names Two Crypto
The original Wolf of Wall Street, Jordan Belfort, says Bitcoin (BTC) has performed beyond his expectations.
In a new interview on Yahoo Finance’s the Crypto Mile, the infamous stockbroker who inspired the movie The Wolf of Wall Street says he’s not a fan of most cryptocurrencies.
“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.”
In 2018, Belfort said that there’s “no good reason” why digital assets should exist, other than as a scheme to make money.
Today, the penny stock trader believes that Bitcoin is a solid long-term play.
“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.”
Along with Bitcoin, Belfort says that his second choice for long-term investment is leading smart contract platform Ethereum (ETH).
At time of writing, Bitcoin is trading for $21,237, while Ethereum is changing hands at $1,370.
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