“The Wolf of Wall Street has changed his mind about Bitcoin. What does he think of cryptocurrencies now?
In 2017, Jordan Belfort, a well-known former broker and prototype of the protagonist of The Wolf of Wall Street, claimed that Bitcoin could well collapse to zero. Over the past five years, he has managed to change his mind several times and now claims that he was wrong about the cryptocurrency’s prospects. Belfort argued his point of view in a recent interview with Yahoo Finance. We tell you more about what is happening.
It should be noted that Jordan Belfort has indeed paid a lot of attention to the digital asset industry recently. In particular, back in October 2021, he tweeted that he was going to buy NFT tokens, so he asked for some collections to recommend him.
Jordan Belfort’s tweet about wanting to buy NFT tokens
Note that buying crypto-assets solely because of recommendations from strangers on social media is not a good idea. For one thing, the latter may be promoting their financial interests and want to drive up the value of the assets they own. Therefore, this recommendation could end up in failure and loss of funds. Secondly, there will be no one to blame if the project collapses, so it is better for the investor to look for assets to invest in themselves.
Although here it seems that Jordan only wanted to draw attention to himself on the social network and collect likes.
That said, the entrepreneur’s Twitter avatar now features a representative of the Cryptopunks collection. Accordingly, by doing so, he is essentially supporting the digital irreplaceable token industry.
Jordan Belfort’s Twitter page
Now the former broker has commented on the topic of the top cryptocurrency by market capitalisation.
Which stars are backing Bitcoin
It turns out that The Wolf of Wall Street previously hated cryptocurrencies because the industry was rife with fraudulent schemes. The trend has changed somewhat over time, Belfort admitted. Here’s his rejoinder, cited by CryptoPotato.
I stand by everything I said about cryptocurrencies in 2017, when I really hated them. But with one exception: I was wrong about Bitcoin falling to zero. I hadn’t studied it closely enough, dubbing crypto a fraud, as everyone was talking about it all the time at the time.
That is, Belfort admits that his viewpoint was influenced by other people's positions. And this is quite common, as some do form a mistaken opinion about cryptocurrencies thanks to various claims that digital assets are supposedly fraudulent and deceptive. Of course, some of them are indeed created to steal investors' money, but there are no problems with top projects like Bitcoin, Etherium, Avalanche or Solana. Therefore, newcomers to the coin niche should take the time and understand the basics of blockchain and decentralised assets properly.
Jordan Belfort
A key moment in Bitcoin’s history for Belfort was when the cryptocurrency fell to $3,000 in 2018. Then the coin really didn’t depreciate completely as Jordan expected it to. He continues.
What made me change my mind was that Bitcoin’s fall to $3,000 didn’t lead to a multi-billion dollar market crash. The market crash is more like the collapse of the Terra project and UST.
Indeed, the Terra chart illustrates the complete collapse that has been prophesied for Bitcoin more than once.
The collapse of the Terra project on the chart
Something similar could be seen in the chart of the Lehman Brothers bank reserves, which collapsed in 2008 and was the first step towards a global financial crisis.
The collapse of Lehman Brothers in 2008
It’s not just individual celebrities who are changing their minds about crypto, but many Americans in general as well. According to a new study by Study.com analysts, 64 percent of American parents believe their children should learn about digital assets as part of the school curriculum. True, opinion is quite different about NFT – only 25 per cent of parents believe their children need to know more about unique tokens.
What aspects of the crypto industry should be taught in schools
According to sources, nearly two-thirds of the 800 Americans surveyed said cryptocurrencies should be taught in schools. 40 per cent of those surveyed believe their children should also be taught about blockchain technology and 35 per cent about meta-universes. 24 per cent of mums and dads think education about crypto should start in high school, while 19 per cent are looking forward to introducing the new subjects already in the secondary school curriculum.
When best to start teaching children about crypto
Another interesting fact is that 68 percent of parents admitted to being crypto investors themselves. On average, they invested about $766 in their children’s future education using the profits from crypto investments. Just a couple of years ago, data like this would have looked fantastic – and it’s a clear sign that crypto is slowly becoming commonplace in society.
Jordan Belfort is a prime example of not jumping to conclusions about cryptocurrencies on the word of others. If you do so, you can at least miss out on an interesting niche, and at most, you can miss out on an opportunity to make good money. Hopefully, in time, blockchain and digital assets will actually be taught in schools and universities. Well, that will contribute to a proper understanding of coins.
What do you think about this? Share your opinion in our Millionaire Cryptochat. There we will discuss other important developments related to the blockchain and decentralisation industry.
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