Jordan Belfort, aka Wolf of Wall Street, expects Bitcoin and Ethereum to be “much higher” than they are now. Pointing out that the collapsed cryptocurrency exchange FTX is a scam, he stressed that its implosion “does not mean that Bitcoin can be completely ignored and said to be worthless or zero.”
Wolf of Wall Street calls FTX a scam
Former stockbroker Jordan Belfort, whose memoir was adapted into the movie The Wolf of Wall Street, made some recommendations on Bitcoin and Ethereum in a video posted to his YouTube channel on Monday. shared. Directed by Martin Scorsese and starring Leonardo DiCaprio.
Belfort founded Stratton Oakmont, selling penny stocks and acting as a boiler room to deceive investors with pump and dump stock sales. He pleaded guilty to fraud in his 1999 and became a motivational speaker after serving 22 months in prison.
As for FTX, crypto exchanges that imploded and filed bankruptcy On November 11th, The Wolf of Wall Street explained: “FTX is a scam and there is no way to protect against such fraud.” He added:
But just because FTX itself was a scam doesn’t mean you can completely ignore Bitcoin and say it’s worthless or zero. The same applies to Ethereum.
Belfort recommends holding Bitcoin and Ethereum
Belfort believes Bitcoin and Ether prices will rise significantly despite the recent plunge in the cryptocurrency market and the impact of FTX. However, he is skeptical about other coins, saying that aside from the two biggest cryptocurrencies, “I literally wouldn’t touch a cryptocurrency with a 10-foot stick right now.”
For those who already own other crypto tokens, I encourage you to “step through each coin” to determine if and when it is a good time to sell. “This should be based on what you bought and what you think it’s worth right now,” he said.
Investors should examine the fundamentals of each token and ask themselves why they bought the coin in the first place, Belfort advised. “Was there something behind your purchase? Did you expect good news to come out? Do you think you can?” he asked.
But if an investor buys a cryptocurrency because of a “more stupid theory, you thought… someone even stupider than you will come along and buy coins from you at a higher price.” If so, Belfort suggested: , I’ll take a closer look at it a bit and maybe consider selling it .com referring to his bubble where his 99% of deals went bust and didn’t come back, he said explained to
Do some analysis and do some research… is there a problem this coin or token is solving or we’re up for all the hype and hope it continues is. These things never come back.
Belfort also revealed that he plans to buy more Bitcoin and Ethereum. While warning that the two cryptocurrencies could fall further in the short term, he offered his opinion:
If you buy Bitcoin or Ethereum here now, chances are [they] It’s going to be significantly higher in 5-10 years — I think it’s actually higher.
“If you buy Bitcoin or Ethereum, it should represent a very small portion of your overall investment portfolio,” Belfort advised, limiting cryptocurrency investments to “less than 10%” of his total holdings. said to limit. “It’s basically speculative money. You can afford to lose it.
What are your thoughts on Jordan Belfort’s recommendations for Bitcoin and Ethereum? Let us know in the comments section below.
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