Bitcoin

Wolf of Wall Street Thinks Bitcoin Is a Bad Idea

We’ve all heard of the name Jordan Belfort in the widely acclaimed Di Caprio starring movie “The Wolf of Wall Street. Belfort, the self made millionaire who started his career as a stock broker spiraling up to owning ‘the’ company Stratton Oakmont — the cesspool for corruption, fraud, drugs and prostitution, which was the ultimate money making machine for the ambitious broker.

Identical to the movie ending, Jordan Belfort pleaded guilty to fraud and related crimes in connection with stock-market manipulation and running a boiler room as part of a penny-stock scam. Belfort spent 22 months in prison as part of an agreement under which he gave testimony against numerous partners and subordinates in his fraud scheme.

Belfort, although lacking any credibility on this subject, is a disbeliever of Bitcoin and has been pounding crypto hard in the past. He dubs crypto as a fraud. His recent argument on Bitcoin: Boom or Bust, a documentary on CNBC being that he [Jordan] was a scammer and he had it down to science that was happening with Bitcoin.

The whole thing is so stupid, these kids have gotten themselves so brainwashed.

This isn’t the first time Belfort has dissed Bitcoin, his distaste for crypto has been oozing out periodically, predicting the end for the scam. Take for instance, last year when Belfort answering to The Street expressed his mistrust for Bitcoin by saying that they [hackers] can take it from the people, hacking into their phones and wallets. He also pointed out that his concern was not with all currencies and there was a possibility that some central bank will launch its own currency that’s gonna hold ground unlike the ‘alleged’ scams that are running in the markets.

It is the biggest scam ever, such a huge gigantic scam that’s going to blow up in so many people’s faces. It’s far worse than anything I was ever doing.

In June this year, he predicted that Bitcoin could go bust within the year, and when it does, it will be “the bust heard around the world”, shortly before the six month decline Bitcoin witnessed. He predicted that it was the doomsday for Bitcoin but against his predictions, Bitcoin didn’t fall off the charts.

His YouTube channel hosts several videos on his thoughts about cryptocurrency which include one ‘I told you so’ that he posted after the six month decline Bitcoin suffered this year. In his videos he argues that Bitcoin is surviving on the feet of The Greater Fool theory.

The Greater Fool theory is an investment theory which believes the price of a security can be justified by a rational buyer who “foolishly” believes someone else can pay a higher price for it irrespective of its intrinsic value. While hammering on Bitcoin not being a store of value, Belfort also compared the current dip in Bitcoin prices to the economic crisis of 2008 where investors were unable to find buyers for faulty mortgage-backed securities.

There is now way it [Bitcoin] is worth 30,000 or a 100,000. Some points in a quarter million. It’s idiotic and ridiculous. Not only the governments will not let it happen but they will turn against it

Although we tried contacting Jordan regarding his updated ‘bitcoin-is-a-scam’ episode, his media outlets are unusually quiet with his last appearance being the documentary release. But just like most twitterati folks that reacted to this news, we know that The Wolf of the Wall Street and his diss on Bitcoin will be back soon.

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Sarim Mehmood

An electrical engineer to be. Sarim is a blockchain & crypto enthusiast and an early investor in ETH and Ethereum based projects. Email: sarim@blockpublisher.com or contact the editor at editor.opinions@blockpublisher.com

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