I was wrong about Bitcoin going to zero

On August 27, Jordan Belfort, the man who inspired the award-winning film The Wolf of Street, said during an interview with Yahoo Finance that he was wrong when he claimed that the price of Bitcoin would reach zero.

As Belfort put it, when he made that claim in 2017, he “hated cryptocurrencies” because the market was surrounded by fraud. This has slowly changed over the years, but is still a negative effect of decentralisation.

“At the time I really hated crypto, I stand by everything I said about crypto in 2017, except for one thing, I was wrong about Bitcoin going to zero, but I didn’t look closely enough because I said it’s a scam because it only seemed that way because in all the earmarks on it,

Bitcoin has proven that it is not a scam

A self-proclaimed NFT Twitter enthusiast, Belfort noted that he changed his mind about Bitcoin “when it crashed and went down to three thousand dollars.” During the 2018 crash, the bitcoin price didn’t go to 0 as the billionaire expected, i.e. it didn’t crash all at once like Terra (LUNA) did, so he started looking into the project.

“What turned me around was slowly but surely number one when it crashed and it went down to three thousand dollars, like it was still like a multi-billion dollar market, I’m like wait a minute, when things crash they go like luna terra and UST that’s what’s happening, they’re going to go the way of UST, that was the first thing that made me look into it”

Moreover, Belfort feared at the time that US regulations could slow Bitcoin adoption, as China has tried to do. However, unlike in China, several senators and governors in the United States are pro-Bitcoin and are working to ensure that regulations do not slow down the path.

Jordan Belfort sees Bitcoin as a long-term investment

Belfort says that people should not invest in Bitcoin and expect to realize their investments in 12 or 24 months. Ideally, they should have a horizon of approx. 4 to 5 years. In that time frame, he would be “surprised” they didn’t make money because of Bitcoin’s “underlying fundamentals,” which are very strong.

“At some point there will be enough maturity with bitcoin where it starts trading more like a store of value and less like a growth stock.”

Belfort noted that regulations are necessary to improve the cryptocurrency ecosystem, because while there are many frauds and scams in the traditional markets, they pale in comparison to the cryptosphere.

An average person with little knowledge can trade and make a decent profit in the stock market. In contrast, in the crypto market, “people are being slaughtered.” And this is something that can change if the right pro-innovation regulations are in place.

As for Belfort’s preferred cryptocurrencies, the Wall Street magnate made it clear that he only trusts Bitcoin and Ethereum and that any other investment he will make in other currencies will be for speculation or gambling with his friends, and as he says, it is a move. which requires people to be willing to lose everything.