‘Wolf of Wall Street’ Jordan Belfort Expects Bitcoin and Ethereum to Be ‘Significantly Higher’ Despite FTX Collapse – Markets & Prices Bitcoin News

Jordan Belfort, aka the Wolf of Wall Street, expects bitcoin and ethereum to be “much higher” than they are now. Noting that the collapsed crypto exchange FTX is a scam, he emphasized that the implosion “doesn’t mean you can completely disregard bitcoin and say it’s worthless or going to zero.”

The Wolf of Wall Street calls FTX a scam

Jordan Belfort, a former stockbroker whose memoir was adapted into a movie called “The Wolf of Wall Street,” shared some recommendations about bitcoin and ethereum in a video posted on his Youtube channel on Monday. The film was directed by Martin Scorsese and starred Leonardo DiCaprio.

Belfort founded Stratton Oakmont which operated as a boiler room that marketed penny stocks and defrauded investors with pump-and-dump stock sales. He became a motivational speaker after pleading guilty to fraud in 1999 and serving 22 months in prison.

Regarding FTX, the crypto exchange that imploded and filed for bankruptcy on November 11, Wolf of Wall Street described: “FTX was a scam and there is no way to protect against such a scam.” He added:

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 applies to ethereum.

Belfort recommends holding Bitcoin and Ethereum

Belfort believes that the price of bitcoin and ether will increase significantly despite the recent crypto market selloff and the FTX fallout. However, he is skeptical of other coins, noting that besides the two biggest cryptocurrencies, he “literally wouldn’t touch crypto right now with a 10-foot pole.”

For those who already own other crypto tokens, he recommends “going step by step and looking at each coin” to decide whether to sell and when a good time to sell might be. “This has to be based on what you’ve bought and what you think it’s worth right now,” he said.

Investors should examine each token’s fundamentals and ask themselves why they bought the coin in the first place, Belfort advised. “Was there something behind your purchase, did you expect good news to come out, do you think the company actually did something and that we’re going to have some breakthrough technology?” he asked.

But if investors bought crypto because of “the greater fool theory, meaning you thought … someone even dumber than you would come and buy the coin from you at a higher price,” Belfort suggested: “Anything outside of bitcoin and ethereum , I would take a little look at it and consider selling it.” Referring to the dot-com bubble where 99% of deals crashed and never recovered, he explained:

Do some analysis, do some research… Is there some problem that this coin or token solves, or are we just buying into all the hype and hoping that it will continue, because if that’s the case, you honestly know that the chances Most of these things never come back.

Belfort also revealed that he plans to buy more bitcoin and ether. While warning that the two cryptocurrencies could fall further in the short term, he opined:

I think it’s a pretty good bet that right now, down here, if you buy bitcoin or ethereum, chances are [they] will be significantly higher in five to ten years – much higher in fact, I think.

“If you’re buying bitcoin or ethereum, it should represent a very small portion of your overall investment portfolio,” Belfort advised, noting that he would limit crypto investments to “less than 10%” of his overall holdings. “That’s the money you can really gamble with. You can afford to lose it.”

What do you think of Jordan Belfort’s bitcoin and ethereum recommendations? Let us know in the comments section below.

Kevin Helms

A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of finance and cryptography.