Wolf of Wall Street Says Bitcoin Investors Will ‘Almost Certainly Profit,’ But What’s His Bitcoin Track Record Like?

Wolf of Wall Street Says Bitcoin Investors Will ‘Almost Certainly Profit,’ But What’s His Bitcoin Track Record Like?
Jordan Belfort Source: a video screenshot, Yahoo UK/ You Tube

Jordan Belfort, the previous stockbroker much better referred to as ‘The Wolf of Wall Street,’ argued that investors who purchase bitcoin (BTC) now will “almost certainly” profit. However, this is not the very first time Belfort commented about bitcoin and its future – confessing that he has actually altered his mind about the coin – and his performance history has actually up until now been blended.

Belfort’s current forecast for how bitcoin will carry out moving forward was shared throughout a video interview with Yahoo Finance at the very endof June “With reasonable luck, I think if you take a 24-month horizon you’ll almost certainly make money,” Belfort stated throughout the interview. He included:

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

Asked for his leading 3 financial investment choices for “a long-term play,” Belfort responded by suggesting “bitcoin,” “ethereum,” and “bitcoin” as his very first, 2nd, and 3rd preferred choices.

The appreciation of Bitcoin as a financial investment possession marks a sharp turn-around for Belfort, who as just recently as in 2018 was of the viewpoint that bitcoin is based upon the ‘greater fool theory’, recommending holders to get rid of their coins prior to they lost all worth.

However, that was not the only time Belfort forecasted bitcoin’s death – and, gradually, his remarks would gradually change into more favorable ones.

December 2017

“It’s a bubble, for sure,” Belfort stated on CNN in December of 2017, while likewise including a plain caution about other cryptoassets, stating that “people are using the success of bitcoin to create these massive pump and dumps.”

“Remember in the Tulip bubble, when they started trading futures on tulips […] you got another move up, and then all of the sudden ‘baaam!’, it collapses, and it’s all over,” Belfort stated.

June 2018

“Bitcoin is all based on the greater fool theory. I know this better than anyone in the world. I’m not proud of that, but I do,” Belfort stated in a You Tube video he submitted to his channel.

“You can be pro blockchain technology, and not pro-Bitcoin. They’re not the same thing. It would be one thing if Bitcoin owned blockchain technology and everybody had to license it, that would be a different story, but there’s nothing proprietary about Bitcoin,” he declared at that time.

He included that the marketplace cost at the time– around USD 6,100, is “not even close to the bottom,” and stated that “it hasn’t even crashed yet.”

September 2018

“I was a scammer, yes I was,” Belfort stated in an interview in September of 2018, where he likewise sounded the alarm on the dangers he sees with bitcoin.

In the interview, Belfort described that his old company partially took part in “the manipulation of stocks,” and confessed that he “had it down to the science.”

“This is exactly what’s going on with bitcoin,” he stated.

January 2021

Fast- forward to the start of 2021, Belfort still appeared reluctant about bitcoin, forecasting that it would ultimately struggle with some kind of regulative attack by the federal government.

“How would they allow this to become something that could so easily be used to launder money,” he asked throughout a look on The Rubin Report You Tube program, prior to including that he believes “the technology itself is really elegant, really useful.”

It deserves keeping in mind that Belfort, at this moment, likewise began to appear positive on the cost potential customers of bitcoin itself.

“If the US government doesn’t step in to squash it, I think it can go much higher,” he stated.

March 2021

In March of 2021, in the middle of that year’s bull run, Belfort was turning bullish on the initial cryptocurrency, stating in an interview with Fortune that he thought the coin might reach USD 100,000 by the end of the year.

Among the arguments he utilized for the claim was that bitcoin had a “much bigger base of buyers than ever before,” which it has “a fixed, finite supply.”

July 2021

A couple of months later on, in July of the exact same year, Belfort when again upgraded his forecast for bitcoin, stating that he sees bitcoin at in between USD 45,000 and USD 70,000 by the end of the year.

In those June interview, Belfort described that he waits his previous Bitcoin declarations made at the time he “truly disliked” crypto, other than for one – that BTC would go to no.

“Living an empowered life,” he argued, is based upon observation, discovering brand-new info, adjusting, and growing.

The bottom of the 2018 bearishness can be found in December that year when BTC briefly dipped listed below USD 3,200. The journey to in 2015’s all-time high marked a more than 2,000% rally for the top crypto.

At 6:40 UTC on Friday, bitcoin traded at USD 20,643, down 70% from the USD 69,044 all-time high seen in November in 2015.

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Compiled by Coinbold.

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