'Wolf of Wall Street' Jordan Belfort Says He'd Be Shocked if You Didn't Make Money Investing in Bitcoin Long Term
Dan Belfort, also known as the Wolf of Wall Street says that if you look at a five-year time frame, you would be surprised if you don’t make any money from investing in bitcoin. The underlying fundamentals are very strong.
Jordan Belfort (aka the Wolf on Wall Street) recently shared his views about bitcoin on Yahoo Finance’s The Crypto Mile.
Belfort was a stockbroker who’s memoir was made into “The Wolf of Wall Street” starring Leonardo DiCaprio. It was directed by Martin Scorsese. Belfort created Stratton Oakmont, which was a boiler room that sold penny stocks and defrauded investors through pump-and-dump stock purchases. Belfort pleaded guilty in 1999 to fraud and was sentenced to 22 months imprisonment. He is now a motivational speaker.
In 2017, Belfort was skeptical of crypto and bitcoin. He now markets himself as a cryptocurrency expert.
Although he insists that he stands behind what he had to say about crypto back in 2011, he admitted to Yahoo Finance: “Except for one, I was wrong about Bitcoin going to zero.” He said: “I think the problem right now is that you need to look at bitcoin without taking a 12-month, 24-month, or 24-month horizon. Belfort said: “With reasonable luck, I believe if you take 24-months horizon, almost certainly you’ll make money.”
If you look at a three-, four-, or five-year horizon, I would be surprised if you didn’t make any money. The underlying fundamentals are strong, I believe.
He said: “There is a limited supply, and as inflation keeps going and going going, at some point there will be enough maturity in bitcoin so that it can be treated more like an investment stock and less like growth stock.”
Belfort was also asked his opinion on what long-term crypto investors should be looking for. He stated that bitcoin ( Bitcoin) would be number one and ethereum would be number two ( Ethereum).
Bitcoin is currently trading at $21,038, an increase of 9% over the last seven days, but down by 38% over the one-year period.