Bitcoin going broke? No! The ‘Wolf of Wall Street’ doesn’t think so

Bitcoin may be going sideways and south, but as we speak, the world’s most popular — and resilient — crypto is alive and kicking.

The Wolf of Wall Street, like all other analysts and market experts, makes mistakes, especially when it comes to predicting the fate of Bitcoin.

Belfort recently gave an interview in which he said that he was wrong about the future of Bitcoin and that he had made some wrong forecasts.

In 2017, Jordan Belfort predicted that Bitcoin will resemble a fraud and its value will drop to nothing.

In addition, the former stockbroker made a prediction about the future of cryptocurrencies.

Belfort said:

“When it plunged and fell to $3,000, the market was still worth billions of dollars, and I thought to myself, ‘Wait a minute, when things fall, they go like LUNA.’ That’s what happens when they travel in that direction.”

 Leonardo DiCaprio as Jordan Belfort in the 2013 flick Wolf of Wall Street. Image: Looper/Paramount Pictures.

The Wolf of Wall Street sees Bitcoin as gold

During this collapse, Wolf’s concept of Bitcoin underwent a radical transformation. He saw it as the equivalent of the gold market, rather than a growth stock. He also seeks strict regulation of cryptocurrency to “remove rogue actors”.

With the bitcoin market now gloomy, he also predicted the cryptocurrency industry’s growth to mimic the dot-com boom. The dot-com bubble was a financial disaster that occurred in the late 1990s and early 2000s.

The Wolf of Wall Street predicted that several cryptocurrencies would fall before recovering. This may be partially accurate given the last meltdown that occurred in June.

Economist and founder of HS Dent Publishing, Harry Dent agrees with this assessment:

“I didn’t understand crypto until a speaker at my own conference explained it as the digitization of financial assets and money. And I think, what’s bigger than GDP with six or seven times the world’s financial assets?”

Is Bitcoin Going the Way of the Dot.com Era?

Dent also believes that Bitcoin and Ethereum will be at the forefront of the next cryptocurrency market meltdown, similar to Amazon during the dot-com bubble.

He also said that he equates cryptocurrencies, especially Bitcoin, with the new dot.com stores that were popular in the 1990s and exemplified it. Amazon led this bubble, falling 95% before hitting 3,500 during the subsequent surge, he explained.

In the face of the current volatility in the cryptocurrency market, only time will tell if these forecasts are accurate.

However, the market’s consistent behavior recently suggests that the opposite may be true.

Meanwhile, it is interesting to know what the Wolf of Wall Street is thinking now that bitcoin and other top cryptocurrencies are showing signs of weakness.

Overall, filmmaker Martin Scorsese’s portrayal of Jordan Belfort (Leonardo DiCaprio’s character in the 2013 film Wolf of Wall Street) and his brokerage Stratton Oakmont is accurate.

BTC total market cap at $379 billion on the daily chart | Source: TradingView.com

Featured image from CNBC, chart from TradingView.com