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Jordan Belfort: Wolf of Wall Street turns bullish on BTC ‘almost certain’ prospects

By Daniela Ešnerová

07:49, 7 July 2022

A picture of Jordan Belfort, the original Wolf of Wall Street.
Jordan Belfort, the original Wolf of Wall Street, made U-turn on BTC over the last four years. – Photo: ShutterStock.

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.  
 

BTC/USD

“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.

BTC/USD

69,666.95 Price
+5.220% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

BCH/USD

508.30 Price
+4.540% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50

ETH/USD

3,629.45 Price
+17.930% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

DOGE/USD

0.16 Price
+7.430% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

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".

Markets in this article

BTC/USD
Bitcoin / USD
69666.95 USD
3456.75 +5.220%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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