Jordan Belfort, aka The Wolf of Wall Street, Bitcoin and Ethereum will be “much higher” than they are now. Pointing out that the collapsed cryptocurrency exchange FTX is a scam, he stressed that its implosion “does not mean that Bitcoin can be completely ignored and said to be worthless or zero.”
Wolf of Wall Street Calls FTX a Scam
Jordan Bell, former stockbroker whose memoir was adapted into the movie The Wolf of Wall Street Fort trades Bitcoin and Ethereum in a video posted to his Youtube channel on Monday. Directed by Martin Scorsese and starring Leonardo DiCaprio.
Belfort founded Oakmont in Stratton. It served as his room, a boiler selling penny stocks and deceiving investors by selling pump-and-dump stocks. He pleaded guilty to fraud in his 1999 and became a motivational speaker after serving 22 months in prison.
Regarding his FTX, the cryptocurrency exchange that implode and file for bankruptcy on November 11, The Wolf of Wall Street explains: “FTX is a scam and there is no way to protect against such fraud.” He added:
But just because FTX itself was a scam, This is not to say that Bitcoin will be worthless or even zero if you completely ignore it. The same applies to Ethereum.
Belfort Recommends Holding Bitcoin and Ethereum
Belfort said despite the recent plunge in the cryptocurrency market and the impact of his FTX, Bitcoin And we believe that the price of Ethereum will rise significantly. However, he is skeptical about other coins, saying that aside from the two biggest cryptocurrencies, “I literally wouldn’t touch a cryptocurrency with a 10-foot stick right now.”
If you already own other crypto tokens, it is a good idea to “step through each coin” to determine if and when it is a good time to sell. It is recommended. “It should be based on what you bought and what you think is worth it now,” he said.
Investors look at the fundamentals of each token. , you need to ask yourself why you bought the coin in the first place, Belfort advised. “Was there something behind your purchase, were you expecting good news to come out? do you think?” he asked.
But if the investor has a “stupid theory, that is, you thought…someone even stupider than you will come along and buy the coin from you at a higher price.” Belfort suggested: Anything other than Bitcoin and Ethereum would look a little closer and consider selling if you buy crypto at. ” Referring to his dotcom bubble where 99% of his deals crashed and didn’t come back, he explained: We just stand by all the hype and hope it continues.
Belfort plans to buy more Bitcoin and Ether also revealed. While warning that the two cryptocurrencies could fall further in the short term, he said: They’ll be quite high in [5-10 years] – I believe it’s actually higher.
“If you buy Bitcoin or Ethereum, it should only be a small part of your total investment portfolio.” “It’s basically speculative money. You can afford to lose it.
Image Credits: Shutterstock, Pixabay, Wiki Commons
