Bitcoin’s advantages over stocks will propel the asset towards $ 100,000, said Jordan Belfort – known as the wolf of Wall Street. Interestingly, his bullish price prediction comes years after he beat up cryptocurrency and warned investors to exit because BTC will go away.
Belfort in 2018: Bitcoin is going away
Belfort is a former stockbroker who became synonymous with the term “pump and dump” in the last century when he and his team touted Penny Stocks to add to their value, which increased their value, then dumped them on their investors.
After a short time in prison, Belfort wrote several books. One of them, recorded by legendary director Martin Scorsese, became a hit movie in 2013, starring Leonardo DiCaprio.
Belfort knew a thing or two about fraud and tried to recover by warning people about fraudulent investment projects. One of them was the first cryptocurrency – Bitcoin.
He took several opportunities to criticize the asset, but was particularly vocal during and after the last parabolic price spike when BTC neared $ 20,000 and the subsequent market crash when it fell to $ 4,000.
“Bitcoin is based on the theory of the great fool. I know this better than anyone in the world. I’m not proud of that, but I do. “
He went further and advocated that if you don’t want to lose all your money, people should “get out because there is a very good chance it will crack.” And if it really cracks you won’t be able to sell on the way down, there won’t be any liquidity. “
Jordan Belfort. Source: Hypebeast
Belfort in 2021: Bitcoin to $ 100,000
Three years after his negative comments above, the so-called Wolf of Wall Street has changed his mind about BTC. During a recent interview with Fortune, Belfort outlined some of its past reviews, but noted that post-COVID-19 pandemic and stock markets developments had turned the tables.
Unlike stocks, which “have an infinite number of shares that can be issued”, Bitcoin has “a fixed, finite supply”. According to Belfort, this makes people feel “spoiled by Bitcoin”.
In addition, he claimed that BTC now has a “much larger buyer base than ever” and predicted that its price could top $ 100,000 by the end of the year.
With his obvious change of mind at BTC, Belfort has joined the likes of Michael Saylor of MicroStrategy, Jim Cramer of CNBC, Kevin O’Leary of Shark Tank, and others.
Selected image courtesy of NYPost
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