Jordan Belfort, famously known as the “Wolf of Wall Street,” recently took to Facebook to share his views on Bitcoin. He began by stating that the current drop in Bitcoin’s price is just the initial phase of a much larger decline. In his perspective, Bitcoin could potentially plummet to zero or reach extremely low values like $2,000 or $1,000.
Reflecting on his past experiences, Belfort, known for his keen understanding of perceived value, admitted that he used this concept to deceive others, a practice he now regrets. His extensive background in finance leads him to believe that Bitcoin is approaching its downfall.
Despite his bearish outlook on Bitcoin, Belfort expressed enthusiasm for blockchain technology, emphasizing that there will likely be numerous valuable cryptocurrencies in the future. Nevertheless, he advised caution when it comes to Bitcoin, stating unequivocally, “There’re too many fundamental flaws with it, and bottom line is, get out if you don’t want to lose all your money.”
While Belfort acknowledged the possibility of Bitcoin’s prices rebounding, he also stressed the high likelihood of a market crash. He attributed this potential crash to anticipated fraud investigations. Belfort, who previously made ten predictions about the Bitcoin market, asserted that nine of them have already materialized. The remaining prediction revolves around the final stages of Bitcoin’s journey.
He highlighted that a significant revelation might occur when indictments are issued, revealing that some of the alleged heists and exchange mishaps were possibly inside jobs meant to mask other activities. Throughout the video, Belfort encouraged his audience to differentiate between blockchain technology and Bitcoin, asserting that one can support the former without endorsing the latter.
Belfort contended that the situation would be different if Bitcoin owned the blockchain technology and licensed it out, but this is not the case. He urged viewers to recognize that Bitcoin’s value is based on the collective perception of the token. He concluded by cautioning against the belief in Bitcoin’s limitless potential, emphasizing that there are more stable ways to invest.
As of June 24, 2018, Bitcoin’s value had dropped significantly to $5,845.45, marking a notable low for the year. This is a stark contrast to its all-time high in December 2017, when it nearly reached $20,000. Bitcoin’s market capitalization also plummeted to $100 billion, the lowest point in 2018.
Belfort pointed out that while influencers like McAfee often express bullish sentiments about Bitcoin, viewers should be critical and question their motives. He suggested that such figures may be aiming to lure in more investors by providing overly optimistic price projections. Belfort concluded his message with a stark warning, stating that those who do not sell their Bitcoins soon may face dire consequences.