The Wolf of Wall Street, Jordan Belfort, claims that if you look out three, four, or five years, he would be surprised if you didn’t make money investing in bitcoin because the fundamentals are so strong.
On Yahoo Finance’s The Crypto Mile program, Jordan Belfort, a.k.a. the Wolf of Wall Street, recently discussed his predictions for bitcoin.
Former stockbroker, Belfort’s autobiography was turned into the Martin Scorsese and Leonardo DiCaprio-starring movie “The Wolf of Wall Street.” Belfort established Stratton Oakmont, a boiler room that sold pump-and-dump stocks and promoted penny stocks while defrauding investors. He admitted guilt to fraud in 1999, received a 22-month prison sentence, and is now a motivational speaker.
Back in 2017, Belfort had doubts about cryptocurrencies and bitcoin. He is now promoting himself as an expert in cryptocurrencies.
While insisting that he stands by what he said about crypto back then, he admitted in the Yahoo Finance interview: “Except for one thing, I was wrong about bitcoin going to zero.” He explained: “I think the issue right now is you have to look at bitcoin and not take a 12-month or 24-month horizon. With reasonable luck, I think if you take a 24-month horizon, you’ll almost certainly make money.” Belfort added:
I think if you take a three, four, five year horizon, I would be shocked if you didn’t make money because the underlying fundamentals, I believe, are really strong.
He noted: “There’s a limited supply and as inflation does keep going and going and going, at some point in time, there’ll be enough maturity with bitcoin where it starts to be treated more like a store of value and less like a growth stock.”
Belfort was also asked what he would recommend for a long-term retail crypto investor. He said number one would be bitcoin (BTC) and number two would be ethereum (ETH).
At the time of writing, bitcoin is trading at $21,038, up 9% in the past seven days but down 38% over a one-year period.