If there are still those of you who haven’t seen Leo DiCaprio’s greatest movie achievement from 2013 and beyond, called The Wolf of Wall Street, it’s time to get acquainted with the real man himself, aka Jordan Belfort – former stock broker and now a motivational speaker. His story was made famous when Martin Scorsese directed a movie based on real-life events including securities fraud, money laundering and eventually years in federal prison. However, this article is not all about Belfort, or at least a great chunk of his story, but it does reflect the expert’s view on the current state of Bitcoin, which is, according to him, probably going to crack in next to no time. We’ve seen a lot of opinions on BTC lately, with the latest being Captain Kirk, but this is surely an intersting one.
Belfort served approximately 22 months in a California prison after pleading guilty in 1999 to a seven-year scheme at his brokerage, Stratton Oakmont. Former broker manipulated the price of stocks and left investors with nearly worthless securities. After that experience, Belfort said he gained insights into modern financial assets such as cryptocurrencies, which are based on the Great Fools Theory. Although he is not proud of the things he did, the ex-broker is convinced that the price of BTC manages to survive at the current value due to a belief that buyers will sell it to greater fools from them, and so on.
Bitcoin’s current value is stuck somewhere at $6,600 which is almost a 12 percent rebound from the asset’s lows in May. As a reminder, a single unit surged to a whopping $19,000 back in December 2017, only to plummet at the very start of 2018. According to Belfort, virtual currencies have to real value, since all of them are based on the “next guy.” The destiny of such financial constructions was doomed the very day it launched and now there is a really good chance for the currency to completely crack. If that happens, people will not be able to sell their coins to anyone due to the lack of liquidity, adds Belfort.
Apart from the Wolf of Wallstreet, there are other adversaries of Bitcoin, including billionaires, Bill Gates (Microsoft) and Warren Buffet (Berkshire Hathaway). According to them, it is impossible to expect an increase in value of something if it doesn’t include some sort of production. Gates is convinced that Bitcoin and ICOs represent an even greater fool theory, explaining that the lack of intrinsic value is the currency’s greatest enemy. Bitcoin investors, on the other hand, estimate that the market capitalization could reach $5 trillion, which is the main reason for fear among mainstream financial institutions. Belfort isn’t really confident about the whole idea, stating it’s the beginning of the end... What do you think?
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coolsongss
4 years ago
I watched Wolf of Wallstreet and just became speechless... And the last scene of this movie was really impressive and depressing at the same time, hahaha. I kind of thought that this guy's speaking job would not have stayed long, but, now I am seeing this guy talking about BitCoin (maybe doomed to be a burst ? ). Very interesting...
I watched Wolf of Wallstreet and just became speechless... And the last scene of this movie was really impressive and depressing at the same time, hahaha. I kind of thought that this guy's speaking job would not have stayed long, but, now I am seeing this guy talking about BitCoin (maybe doomed to be a burst ? ). Very interesting to seeing this video clip. Thanks.
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Lochnessa4629
4 years ago
oh please. youre ugly
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CBG
4 years ago
i wouldnt trust anything this guy has to say. Once a scammer always a scammer.
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Daniel Hughother
4 years ago
How much you wanna bet he would buy all your bitcoin, just so you don't have to lose when it crashes? All we need is this guy getting involved, scaring everyone away so he can buy it up for pennies. Then when the price of it goes up (not skyrockets, just levels out) be ready to sell it back. hah
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zuga
4 years ago
thanks Markotik, watched the video, and can say hes super passionate about warning ppl about bitcoin. But important thing to note he is PRO blockchain technology . with that said i cant say i agree with him even though he is right to caution ppl especially knowing how volatile BTC and crypto market is.
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Markotik
4 years ago
Wolf Of Wall Street's latest video is added to this news item. He talks in detail about his view on Bitcoin!
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Fridayhigh
4 years ago
Someone forgot to tell him, that the dollar is no different. Since president Nixon took the dollar off the gold standard, it and every other fiat currency is essentially worthless. The only value of a fiats currency is it's usage. Hence the US forcing Saudi Arabia and OPEC to only trade oil in dollars.- Petrodollar!...
Someone forgot to tell him, that the dollar is no different. Since president Nixon took the dollar off the gold standard, it and every other fiat currency is essentially worthless. The only value of a fiats currency is it's usage. Hence the US forcing Saudi Arabia and OPEC to only trade oil in dollars.- Petrodollar! And when they don't The US and their allies bomb them., Bitcoin on the other hand can not be printed, and is a hedge against inflation and all the quanative easing of the fiat currencies around the world. And as Bitcoin has been accepted by communities as a form of currency for trade, the only thing that could go wrong is for every telephone line in the world go dead. And if that was to happen, money would be the least of your problems.
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ziggyjamz
4 years ago
I have observed the unbelievable rise of cryptos but largely remained on the sideline because of the recent volatility. Keeping an eye out and listening to certain people I have come to trust will decide if I jump back in. Its certainly been an education for me.
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Alex and R
4 years ago
Well, in case you were wondering if there's going to be The Wolf of Wallstreet II including the biggest scam of the 21st century, there you have it.
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fredos386
4 years ago
The funny difference between bubbles of the past and the cryptobubble is that in cryptos everyone knows that it's worth nothing and represent nothing so there is no big revelation about it being worthless to make it collapse quickly. It's to me a complete mystery and proof of human well... i am not gonna say it here haha....
The funny difference between bubbles of the past and the cryptobubble is that in cryptos everyone knows that it's worth nothing and represent nothing so there is no big revelation about it being worthless to make it collapse quickly. It's to me a complete mystery and proof of human well... i am not gonna say it here haha. But i must admit that to play casinos btc are amazing.
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