Skip to main content

‘Wolf of Wallstreet’ Jordan Belfort Now Bullish on BTC, Says Crypto Asset Will Reach $100,000

'Wolf of Wallstreet' Jordan Belfort Now Bullish on BTC, Says Crypto Asset Will Reach $100,000

Jordan Belfort, the self-proclaimed “Wolf of Wallstreet” has moved away from his bearish views on bitcoin and now predicts the crypto asset might reach $100,000. Belfort, who has reinvented himself as a motivational speaker and consultant, says bitcoin unlike company stocks is more about “pure supply and demand.” He adds that the crypto asset is “free from the distortion of effectively printing more of your own corporate currency.”

Bitcoin’s Fixed Supply Distinguishes It From Stocks

Belfort’s remarks about bitcoin (BTC) were made during an interview with Fortune where he offered his take on Gamestop stock’s recent Reddit inspired price rally. While some observers have viewed the Gamestop price rally as another form of pump and dump, Belfort disagrees. Although he concedes that traders were “collectively pumping up these stocks” he, however, insists there is “no dump.”

Meanwhile, when compared to company stocks, Belfort concludes that the crypto asset’s fixed supply gives it an advantage over shares. The former penny stock trader argues that “if a stock stays up too long, the company keeps printing shares.” However, this continuing issuance of shares will lead to dilution of value.

On the other hand, bitcoin “does not have the equities’ problem that high prices tend to bring on more supply (thus) turning the surge into a swoon.”

Belfort Now Bullish on Bitcoin

On why he turned from being a bitcoin bear, Belfort again points to the crypto asset’s fixed supply as its key “advantage over company stocks.” He adds:

New investors will keep pumping the price, but the rush of new shares that deflates a soaring stock can’t happen.

In 2017, when the crypto asset surpassed $19,000, Belfort, who was sent to prison for nearly two years for fleecing small investors out of $200 million, predicted that bitcoin would crash and “go away forever.” The former penny stock trader argued then that regulators “would nix the coins.”

However, after seeing the crypto asset set another all-time high, Belfort says he “now believes it’s here to stay since a fatal regulatory onslaught hasn’t happened.”

What are your thoughts on Belfort’s changed stance on BTC? You can share your views in the comments section below.



from Bitcoin News https://ift.tt/2NEh4ym
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more