Jordan Belfort Admits Being Wrong About Bitcoin’s Prediction
Jordan Belfort, a former stockbroker known as the “Wolf of Wall Street,” has admitted that his initial prediction of Bitcoin (BTC) falling to zero was incorrect.
During an interview with Yahoo Finance on August 27, Jordan Belfort stated that his 2017 stance was owing to his belief that the commodity was a hoax, implying that Bitcoin had characteristics of a fraudulent project.
“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 but I didn’t look closely enough because I just said it’s a scam because it just seemed like that because in all the ear markings of that,” said Belfort.
Furthermore, Jordan Belfort added that, as cryptocurrencies grew in popularity, he felt a governmental crackdown would drive the asset to zero since it constituted a threat. Simultaneously, he discussed how the 2018 crypto winter influenced his decision.
Interestingly, the former stockbroker said that he changed his view after realizing Bitcoin possessed the attributes of digital gold. In this vein, Belfort, a proponent of crypto regulation, added that as Bitcoin matures, it will likely trade more like a store of wealth and less like a growth stock.
Elsewhere, Belfort predicted that the crypto sector’s growth trajectory will be similar to that of the dot-com boom, with certain digital currencies falling before surging again.
He believes that cryptocurrencies with great management and utility will stand out, although Bitcoin and Ethereum (ETH) are likely to prosper in the long run.
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