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Many people think about the famous movie, The Wolf of Wall Street, with Leonardo Dicaprio, but the real “Wolf” has now spoken about Bitcoin and his prediction on the future of the digital currency.
Jordan Belfort, who was a successful stockbroker on Wall Street once, before going to jail for market manipulation and fraudulent activities, believes the cryptocurrency’s value could raise to $50,000 before it plunges completely in value. The plunge, according to Belfort, is inescapable.
According to the infamous former stockbroker, the “people’s currency” is just perfectly built for market volatility and manipulation.
In his interview with entrepreneur Patrick Bet-David, Belfort said:
“Something [Bitcoin] was designed to be used as a currency, and it’s being used as an investment vehicle […] As a currency, Bitcoin is no more useful at $20,000 or $100.”
He predicts that while Bitcoin is, in his words, a ‘wolf in sheep’s clothing’, it also ‘might go to $50,000’ before it eventually crashes to zero.
Belfort’s position on Bitcoin has been very straightforward. He is one of the financial experts who truly believes that before eventually going to zero, Bitcoin can hit $50,000 or even more. However, despite such rosy predictions, Belfort stands behind his opinion that Bitcoin was invented to scam the average person.
For an interview in Financial Times, Belfort said:
“Promoters are perpetuating a massive scam of the highest order on everyone. Probably 85 per cent of people out there don’t have bad intentions but the problem is, if 5 or 10 per cent are trying to scam you.”
According to LadBible, Belfort expressed his firm opinion on the topic just recently, saying:
“The next stage, you will see it really skyrocket, there will be a short squeeze, it will go even higher and then eventually it will come caving in, it’s almost a guarantee. If you were the most disciplined person and get in and get out there is probably a short window to make some money.”
While he has also compared the Bitcoin mania to the tulip one, he says that Bitcoin will be much worse in terms of the actual crash that is about to unfold. However, one consoling fact may be that probably the current times are not yet the end of Bitcoin. On the contrary, this may be a buying opportunity for many who realize that Bitcoin will go much higher in price before collapsing.
There are mixed views on the topic of Bitcoin, especially after its price is sliding with furious speed. Today, Bitcoin traded for less than $7,500 at some point, leaving investors in a true Bitcoin “bloodbath”.