The Wolf of Wall Street expects the price of Bitcoin and Ether to be much higher than now. Pointing out that FTX was a scam, he stressed that its collapse does not mean that BTC is worthless or going to zero.
Jordan Belfort, a former stockbroker, also known as the Wolf of Wall Street, shared a video about Bitcoin (BTC) and Ether (ETH). In 2013, Martin Scorsese directed a film about him in which Leonardo Di Caprio starred.
Belfort founded the over-the-counter brokerage house Stratton Oakmont, through which he defrauded investors with pump-and-dump stocks. After pleading guilty to fraud and spending 22 years in jail, he became a motivational speaker.
The Wolf of Wall Street believes that the FTX cryptocurrency exchange was a scam from which no one could protect themselves. However, that does not mean that Bitcoin and Ether are worthless or going to zero.
Belfort Advises Holding Bitcoin and Ether for the Long Term
Despite the sell-off in the crypto market and the collapse of FTX, Belfort believes that Bitcoin and Ether will rise significantly. However, he does not think the same of other crypto assets, pointing out that they could not touch the leading cryptocurrencies with a 10-foot pole.
He advises those who own other crypto assets to watch them closely to decide when they should sell. To do that, they must base themselves on the value that the tokens they bought have at that moment.
Belfort recommends that investors ask themselves what led them to buy each token after examining its fundamentals. They should consider the reasons behind the purchase, such as expecting good news or having innovative technology.
However, Belfort advises investors who thought of selling the crypto asset at a higher price to do so. He explained that 99% of deals collapsed when the dot-com bubble burst, urging investors to do some research.
According to Belfort, a Problem or a Hope Moves Investors
The Wolf of Wall Street suggests wondering whether purchasing that currency will solve a problem or respond to hope. He seems to realize that those conditions may never come again.
Furthermore, Belfort said that he plans to buy more Bitcoin and Ether, although their price could fall further in the short term. He believes a bet on them at the current low price might mean substantial profits within 5-10 years.
Regarding buying Bitcoin or Ether, investors should allocate a small portion of their overall investment portfolio to them. Belfort noted that he would invest less than 10% of his total assets in cryptocurrencies since he could afford to lose that money.
Meanwhile, Bitcoin is trading at around USD 17,212 and has accumulated a 2.5% gain over the last 24 hours. While its daily trading volume is above USD 22.71 billion, its market capitalization is about USD 330.97 billion, according to CoinGecko.
Bitcoin and Ether play a relevant role in the economic system, of which Jordan Belfort is well aware. The leading cryptocurrencies have remained stable despite the bearish market due to factors such as the FTX collapse.
By Alexander Salazar