‘Wolf of Wall Street’ J. Belfort shares 3 perspectives on Bitcoin’s future

Former stockbroker Jordan Belfort, known as the “Wolf of Wall Street”, was once skeptical of cryptocurrencies. But over time, his stance has softened, especially on the future of Bitcoin (BTC).

As a result, Belfort has made several predictions about Bitcoin’s trajectory for the coming years. In this regard, Finbold has identified the following three key insights shared by Belfort about Bitcoin’s prospects.

#1 Regulations should be bullish for Bitcoin

At a time when various global jurisdictions have yet to establish concrete regulations for cryptocurrencies, Belfort sees this as a chance for Bitcoin to increase in value. As a long-time proponent of regulations in the crypto sector, Belfort believes that Bitcoin can flourish in an environment where laws are well-defined.

In this regard, Belfort has criticized market participants who see regulations as an obstacle to the growth of digital assets. He has pointed out that the absence of laws is the primary catalyst behind the spread of fraud in the digital currency space.

“Everybody said, ‘Oh no, the regulators are coming in! So I think that’s a good thing … the sooner that massive regulation comes into the market, the better it is for Bitcoin, stablecoins and everything else,'” Belfort said.

#2 Bitcoin will not go to zero

Belfort’s initial view of cryptocurrencies was cautious, as the former stockbroker saw the sector as fraudulent. According to a Finbold report, Belfort believed that Bitcoin was destined to have zero value due to what he perceived as fraudulent properties of the virgin crypt.

However, Belfort changed his mind after witnessing Bitcoin’s resurgence from the crypto winter of 2018. In addition, events such as the Terra (LUNA) ecosystem crash strengthened his belief in Bitcoin’s reliability.

“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 just seemed that way because in all the earmarks of it. <...> When it crashed, and it went down to $3,000, it was still like a multi-billion dollar market. I’m like, wait a minute when things crash, they go like Terra, that’s what happens when they go down the road. That was the first thing that made me look closely,” he noted.

#3 Bitcoin to trade higher despite scams and crypto winter

During the crypto winter of 2022, Bitcoin experienced a significant drop in value, further exacerbated by high-profile events such as the Terra crash and the FTX cryptocurrency exchange collapse. However, Belfort emphasized that the turmoil in the crypto space should not cause investors to reject Bitcoin or Ethereum (ETH).

In particular, Belfort had previously advised investors to focus exclusively on Bitcoin and Ethereum for their long-term crypto investments.

“But just because FTX itself was a scam doesn’t mean you can completely disregard Bitcoin and say it’s worthless or going to zero. The same goes for Ethereum,” he noted.

Despite Belfort’s optimistic outlook, it’s important to keep in mind that a number of factors, including regulations, adoption and macroeconomic factors, will affect Bitcoin’s outlook.

Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.