‘Wolf of Wall Street’ Jordan Belfort Expects Bitcoin and Ethereum to ‘Significantly Higher’ Despite FTX Collapse
Jordan Belfort, known as the monster of Wall Street, expects bitcoin and ethereum to happen.is much higher” more than now. FTX noted that the collapse of the crypto-currency exchange was a scam, drawing attention to its explosion.that doesn’t mean you can completely ignore bitcoin and say it’s worthless or headed for zero.“
The Wolf of Wall Street calls FTX a scam
The memoirs of former stockbroker Jordan Belfort have been adapted into a movie.The Monster of Wall Street“, shared some advice on bitcoin and ethereum in a video he posted on his YouTube channel on Monday. The film was directed by Martin Scorsese and starred Leonardo DiCaprio.
Jordan Belfort founded Stratton Oakmont, a boiler house that traded penny stocks and conned investors with pump sales. He became a motivational speaker in 1999 after being convicted of fraud and serving 22 months in prison.
Regarding FTX, the cryptocurrency exchange that collapsed and went bankrupt on November 11, Wolf of Wall Street described: “FTX was a scam and there is no way to protect yourself from such a scam“. He added:
But just because FTX itself is a scam, it doesn’t mean to completely ignore bitcoin and say it’s worthless or going to zero. The same is true for ethereum.
Belfort recommends holding bitcoin and ethereum.
Jordan Belfort believes that despite the recent crypto market selloff and FTX decline, the price of bitcoin and ether will increase significantly. However, he remains skeptical of other coins, noting that outside of the two largest cryptocurrencies, he “literally wouldn’t touch crypto with a 10 foot stick right now“.
For those who already own other cryptocurrency tokens, he recommends “go through each piece step by step” to decide whether to sell them and when is the right time to do so. “It should be based on what you bought and what you think it’s worth now“, he said.
Investors should research the fundamentals of each token and ask themselves why they bought the coin in the first place, Belfort advised. “Was there something behind your purchase, did you expect good news, did you think that the company was really doing something and that we would have a breakthrough technology?he asked.
However, investors should consider cryptocurrencies as “biggest idiot theory, that means you thought… someone bigger than you is going to come along and buy the part from you at a higher price.“, Jordan Belfort suggested: “I would look very closely at anything outside of bitcoin and ethereum and maybe consider selling.Referring to the dotcom bubble, when 99% of transactions collapsed and never recovered, he explained:
Do some analysis, do some research… Is there a problem that this coin or token solves, or do we just buy all the hype and hope it continues, because if it does, you honestly know most of it will never come back. .
Jordan Belfort also revealed that he plans to buy more bitcoins and ether. While warning that both cryptocurrencies could fall further in the short term, he said:
I think if you’re buying bitcoin or ethereum here right now, the odds are going to be significantly higher in 5-10 years – actually higher, I believe.
“If you buy bitcoin or ethereum, it should be a very small part of your overall investment portfolio.“, Belfort indicated he would limit cryptocurrency investments”Less than 10%” of global holdings. “It’s basically money you can speculate on. You can afford to lose it.“