Belfort served two years in prison for fraud and also money laundering. His story approached the cinema with the movie “The Wolf of Wall Street.”
The consultant and former stockbroker Jordan Belfort, The Wolf of Wall Street, assured that bitcoin (BTC) would reach a whole new value that could even surpass USD 100,000. The expert changed his thoughts in 2017 when he confirmed that the cryptocurrency was about to suffer a collapse.
In an interview on March 21, Belfort acknowledged being wrong in his postures on bitcoin and other related matters. The former stockbroker assured that it was a “super bear”, that is, that he bet on the fall in its price.
The Wolf of Wall Street said: “When bitcoin reached $ 19,000, I was on a TV show, and I told the audience that bitcoin was about to crash,” Belfort said. He still keeps the idea that he was right at the time because bitcoin was “hard to sell and easy to buy, a perfect scenario to carry on a manipulation.”
Another weakness that the consultant suggested was that regulators were going to reject cryptocurrency, as it was an easy way to launder money.
Thoughts about Bitcoin Would Be Regularizing
In 2021, “The Wolf of Wall Street” has changed his thoughts on bitcoin and believes that the crypto asset is more solid than ever. “Bitcoin now has a much bigger buyer base than ever,” he said on the matter.
Belfort also expressed his perspectives arguing that the bitcoin’s price has excellent opportunities to increase because its offering provides an advantage over other stocks. As Belfort said, “new investors will keep increasing the price” without new units issuing to let it down.
Jordan Belfort amassed enormous money due to the fraud scheme known as Pump and Dump, which targeted so-called penny stocks or stocks under a dollar. It consisted of inflating a particular share price through concerted purchases and promotion techniques among small investors (pump).
Once the rising stock reached a critical level, the scammers sold everything they had bought at a significant profit. The massive sale of this stock caused its price to plummet (dump).
As a result, Belfort pleaded guilty to stock fraud and money laundering in 1999. After spending two years in prison, he published his experience in the book called “The Wolf of Wall Street,” which would later become a directed film by Martin Scorsese and starring Leonardo Di Caprio.
The Prediction of the Increase in the Price of Bitcoin that Belfort Made is in Line with that of Other Experts and Market Analysts
Recently, Bobby Lee, founder and current CEO of the purse firm Ballet argued that by the end of this year, 2021 bitcoin could reach the price of USD 300,000 and, in a shorter term, predicted the breaking of the USD 100,000 barrier between June and September.
By: Jenson Nuñez
