Jordan Belfort, the famous Wolf of Wall Street, has spoken out about crypto, stating that Bitcoin (BTC) will reach $100,000.
According to an interview conducted by Fortune, the US entrepreneur and writer seems to be following Bitcoin’s upward trend now, going so far as to declare the next ATH (all-time high) that the crypto will touch will be five zeros.
This optimism of Belfort and his prediction is driven by his considerations of bitcoin versus Gamestop’s corporate actions.
Indeed, the well-known former penny stock trader stated that bitcoin is:
“Pure supply and demand, free from the bias of effectively printing more of your own corporate currency”.
Belfort’s observation is based on his pump and dump scheme, of which he later had to plead guilty in 2017 to crimes and fraud related to this technique, serving a two-year prison sentence.
And so, in the case of Gamestop, while some observers saw the rally in share prices as another form of pump and dump, Belfort denied the idea, admitting to a possible pump by traders but insisting there is no such thing as a dump.
What influences Bitcoin according to Jordan Belfort
According to Belfort, what really distinguishes bitcoin from stocks is its fixed supply. Indeed, if a stock remains in a pump for too long, the company continues to print shares, but decreasing their value.
This is something that does not affect the crypto world, especially bitcoin, as it does not have the problem of stocks whereby high prices tend to bring more supply, turning the rise into a fall.
So, the fixed supply becomes the gap for Belfort in going from bearish and bitcoin critique to super optimist. In 2017, when he was accused of robbing small investors of $200 million, bitcoin was experiencing its first price rise to $20,000.
At the time, the Wolf of Wall Street did not consider the fixed supply and had stated that regulators would stop the coins. Something that never happened and which has led him to become bullish about bitcoin today.
Belfort concludes by stating that bitcoin is here to stay, seeing as a fatal regulatory attack never happened.