The Wolf of Wall Street, Jordan Belfort said during an interview that he was wrong about Bitcoin going to zero. Belfort also explained that in 2017, he hated cryptocurrencies because the market was surrounded by scams.
In recent years, however, this has been slowly changing but remains an adverse effect of decentralization.
He explained why he changed his opinions on Bitcoin saying, “I stand by everything I said about crypto back in 2017, except 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. It just seemed like that because of all the ear markings of that.”
Belfort further said that he changed his mind about Bitcoin when it crashed and went down to three thousand dollars. Even during the 2018 crash, the bitcoin price did not go to zero as he expected. It definitely did not crash all at once as Terra (LUNA) did, so he began observing the market-leading crypto closely.
He mentioned that his friend, an early crypto adopter brought the “digital gold” narrative for Bitcoin to his attention.
At first instance, he was skeptical about assets being regulated in the same manner traditional financial markets are. But later convinced when he noticed Bitcoin making enough inroads to earn the trust of mainstream institutions and U.S. senators.
Since then he realized that the risk of Bitcoin being banned is pretty much over as it’ll be regulated and taxed which is a good thing. The Wall Street tycoon made it clear that he only trusts Bitcoin and Ethereum and investing in other currencies would be for speculation or gambling with his friend.
Well, a few months back Belfort also said, “Buy Bitcoins to earn profits” and bemoaned his ideas and advised bitcoin holders to hold onto their investment for at least 36 months.
This time, it’s nothing new for him to publicly acknowledge bitcoin as a reliable cryptocurrency, and all the remarks he made provide a deeper understanding of why he chose BTC over all other options.
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