- Jordan Belfort took to the media to express his misconceptions regarding cryptocurrencies.
- He claimed in 2017 that the price of Bitcoin would reach zero.
- Belfort says people shouldn’t invest in Bitcoin if they expect to release their investments in 12 or 24 months.
In a recent interview, the former stockbroker, Jordan Belfort took to the media to express his misconceptions revolving around cryptocurrencies. The inspiration behind the award-winning movie, The Wolf of Wall Street, had stated that he disliked the idea of cryptocurrencies due to the scams running in the market. Earlier in 2017, Jordan claimed that the price of Bitcoin would reach zero.
The author expressed:
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 it.
He later added that there isn’t any amount of research that can be done to protect oneself from the ultra-low caps, except for getting in early. From the trends that have been seen, he said people will take Bitcoins to their peak and just dump it.
With the change of opinion, Belfort said people shouldn’t invest in Bitcoin if they expect to release their investments in 12 or 24 months. “Ideally, people should hold onto their digital assets for a minimum period of 4 to 5 years. It is recommended that one must never consider this a serious investment.”
Belfort is not the only one to have such prevailing misconceptions. Several others have unanimously shown apprehensions regarding Bitcoin. Some have called Bitcoin anonymous and untraceable, while others claim Bitcoin is not backed and has no inherent value. Still, others believe the Bitcoin blockchain is insecure.