Jordan Belfort: Wolf of Wall Street turns bullish on BTC ‘almost certain’ prospects
07:49, 7 July 2022
Jordan Belfort, who inspired the 2013’s Martin Scorsese's Oscar-nominated movie ‘Wolf of Wall Street,” has turned bullish on bitcoin (BTC) and now thinks it can beat the crypto winter.
The real-life “Wolf”, Belfort, said he would be “shocked” if BTC investors HODLing for five years wouldn’t profit: “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,” Belfort told Yahoo Finance.
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“It has a limited supply, and as inflation keeps rising there will come a time when bitcoin will start to trade more like a store of value and less like a growth stock.”
Belfort seems to believe that the crypto king will behave as an hedge againgst inflation after all, though its recent months' performances failed to live up to its value-storing promise.
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Belfort's U-turn on BTC
The latest recommendation represents a change of heart in Belfort’s thinking on the biggest cryptocurrency. In 2018, he said BTC was “based on the Great Fools Theory,” the idea that prices are going up because people are selling overpriced goods to a "greater fool.
But four years later, Belfort seems to have re-evaluated his stance.
Bitcoin (BTC) and the rest of the cryptocurrency market is currently depressed, having experienced the worst monthly close in 11 years, after losing 45% in June. In the same month the bellwether digital asset sunk below $18,000 - the lowest level since 2017.
Belfort is a former trader who was found guilty of securities fraud and money laundering. He was sentenced to four years in prison.
His views contrast with economist David Woo. Speaking during a discussion with Capital.com’s economist David Jones Woo said that central banks' pivot to fighting inflation meant that bitcoin was now "worthless".
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