Jordan Belfort, known as the Wolf of Wall Street, says he would be shocked if he invested in bitcoin and did not make money if he thought about a three, four or five year horizon.
The Wolf of Wall Street shares his outlook on bitcoin
Jordan Belfort, the Wolf of Wall Street, recently shared his outlook on bitcoin on Yahoo Finance’s The Crypto Mile show.
Belfort is a former stockbroker whose memoir was made into a movie titled “The Wolf of Wall Street” starring Leonardo DiCaprio and directed by Martin Scorsese. He founded Stratton Oakmont, which functioned as a boiler room for selling penny stocks and defrauded investors with pump-and-dump stock sales; he was convicted of fraud in 1999 and sentenced to 22 months in prison; he now works as a speaker.
Belfort was skeptical about crypto and Bitcoin back in 2017. He is now marketing himself as acryptocurrency guru.
While claiming to stand by what he said about crypto at the time, he admitted in an interview with Yahoo Finance, “. Except for one thing, I was wrong about bitcoin going to zero.” He explained. “I think the problem now is you have to look at bitcoin and not take a 12- or 24-month horizon. If you have a certain amount of luck, you can take a 24-month horizon and you will almost certainly make money.” Belfort further added,
because the underlying fundamentals are really strong, I believe, so if you take a 3, 4, 5 year horizon I would be shocked if you did not make money.
He points out that.” There is a limited supply, and as inflation goes on and on, at some point bitcoin will mature enough that it will be treated more like a store of value and less like a growth stock.” He noted.
Belfort was also asked what he would recommend for the long-term retail crypto investor. He stated that number one would be Bitcoin (BTC) and number two would be Ethereum (ETH).
At the time of this writing, bitcoin was trading at $21,038, up 9% over the past seven days, but down 38% over the past year.
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