Jordan Belfort admits he was wrong about Bitcoin and names two long-term crypto assets
Bitcoin (BTC) has exceeded the predictions of Jordan Belfort, the original Wolf of Wall Street.
In a recent interview on Yahoo Finance’s the Crypto Mile, the iconic stockbroker who inspired the film The Wolf of Wall Street states that he is not a fan of the majority of cryptocurrencies.
“I still agree with what I stated about cryptocurrency in 2017 — even if at the time I was pretty negative against it. I was mistaken about Bitcoin reaching zero.”
In 2018, Belfort said that there is “no compelling rationale” for digital assets to existing other than to generate profits.
Today, the penny stock trader considers Bitcoin a viable long-term investment. “I believe that the problem at hand is that you cannot look at Bitcoin with a 12-month or 24-month vision. I feel that if you take a 24-month horizon, you will almost surely make money, while it’s possible that you won’t. However, if you take a three-, four-, or five-year perspective, I would be stunned if you didn’t make money because the fundamentals are so solid.
There is a finite supply, and if inflation continues to rise, Bitcoin will mature to the point where it trades more like a store of value and less like a growth stock at some point.
In addition to Bitcoin, Belfort’s second long-term investing preference is the premier smart contract platform Ethereum (ETH).