Jordan Belfort, the former stockbroker better known as ‘The Wolf of Wall Street’, claimed that investors buying bitcoin (BTC) will now “almost certainly” make money. However, this is not the first time Belfort has commented on bitcoin and its future – and admits that he has changed his mind about the coin – and his track record has so far been mixed.
Belfort’s recent prediction of how bitcoin will perform in the future was shared during a video interview with Yahoo Finance at the end of June. “With reasonable luck, I think if you take a 24-month horizon, you will almost certainly make money,” Belfort said during the interview. He added:
“If you take a horizon of three or maybe five years, I would be shocked if you did not make money because the underlying fundamentals of bitcoin are very strong.”
When asked about the three best investment choices for “a long-term game”, Belfort responded by recommending “bitcoin”, “ethereum” and “bitcoin” as his first, second and third favorite choices.
The praise of Bitcoin as an investment asset marks a major turnaround for Belfort, which as recently as 2018 was of the opinion that bitcoin is based on ‘greater fool theory’, and advised holders to get rid of the coins before they lost all value.
However, this was not the only time Belfort predicted the demise of bitcoin – and over time, his comments would slowly turn into more positive ones.
“It’s a bubble, of course,” Belfort told CNN in December 2017, while also adding a strong warning about other cryptocurrencies, saying that “people are using the success of bitcoin to make these huge pumps and dumps.”
Remember the Tulip bubble, when they started trading futures on tulips […] you got another move up, and then all of a sudden “baaam!”, it collapses, and it’s all over, “said Belfort.
“Bitcoin is all based on the theory of bigger fools. I know this better than anyone in the world. I’m not proud of it, but I do,” Belfort said in a YouTube video he uploaded to his channel.
“You can be pro blockchain technology, and not pro-Bitcoin. They are not the same. It would be one thing if Bitcoin owned blockchain technology and everyone had to license it, it would be a different story, but there is nothing proprietary about Bitcoin. , ‘He claimed at the time.
He added that the market price at the time – around USD 6100, is “not even close to the bottom,” and said that “it has not even crashed yet.”
“I was a scammer, yes it was me,” Belfort said in an interview in September 2018, where he also sounded the alarm about the risk he sees with bitcoin.
In the interview, Belfort explained that his old company was partly involved in “stock manipulation”, and admitted that he “had it down to science.”
“This is exactly what is happening with bitcoin,” he said.
Fast forward to the beginning of 2021, Belfort still seemed hesitant about bitcoin, predicting that it would eventually suffer from some sort of regulatory attack by the authorities.
“How would they allow this to become something that can be so easily used to launder money,” he asked during a performance on The Rubin Report YouTube show, before adding that he thinks “the technology itself is really elegant, very useful. “
It is worth noting that Belfort at this time also began to be optimistic about the price outlook of bitcoin itself.
“If the US government does not go in to crush it, I think it can go much higher,” he said.
In March 2021, in the middle of that year’s bull run, Belfort became bullish on the original cryptocurrency, saying in an interview with Fortune that he thought the coin could reach $ 100,000 by the end of the year.
Among the arguments he used for the claim was that bitcoin had a “much larger base of buyers than ever before,” and that it has “a fixed, limited supply.”
A few months later, in July of that year, Belfort again updated his bitcoin forecast, saying he sees bitcoin at between $ 45,000 and $ 70,000 by the end of the year.
In the above interview in June, Belfort explained that he stands by his previous Bitcoin statements at the time he “really hated” crypto, except for one – that BTC would go to zero.
“Living a strengthened life,” he claimed, is based on observation, learning new information, adapting and growing.
The bottom of the bear market for 2018 came in December of the same year when BTC cards were down below USD 3200. The journey to last year’s all-time high marked a more than 2000% rally for the number one crypto.
At 06:40 UTC on Friday, bitcoin traded at $ 20,643, down 70% from the $ 69,044 all-time high seen in November last year.
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