Jordan Belfort, or the ‘Wolf of Wall Street’ is now bullish on Bitcoin, he predicts a rally to $100,000.
The former stockbroker and author known as “The Wolf of Wall Street”, Jordan Belfort has changed his past critical stance on the flagship cryptocurrency bitcoin, and he is now predicting that its price will rally up to $100,000.
In an interview with fortune where Belfort addressed the Gamestop stock rally fueled by Reddit traders, Belfort pointed that when compared to equities, BTC’s fixed supply will give it an advantage as if a “stock status up too long, the company keeps printing shares.”
He argued that this dilutes the value of the company. Bitcoin doesn’t have this problem as no more than 21 million BTC could ever be issued and as such, high prices aren’t going to see more bitcoin to enter the market. In reality, the opposite could be true as each halving the cryptocurrency’s inflation rate drops.
Inquired why he turned from being a bitcoin bear, Belfort elaborated bitcoin’s fixed supply as a critical “advantage over company stocks,” and he added:
“New investors will keep pumping the price, but the rush of new shares that deflates a soaring stock can’t happen.”
Last 2018, when the price of Bitcoin had been dropping from a then all-time high near $20,000, Belfort mentioned that Bitcoin was a scam. He stated that the “whole thing is so stupid, these kids have gotten themselves so brainwashed.” He also added that it was “going to evaporate like a mirage.”
The former American stockbroker has spent 22 months in prison for managing a pump-and-dump scams that led to investor losses of around $200 million. He eventually wrote a memoir named “The Wolf of Wall Street,” which was turned into a film in 2013.
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