The Wolf Of Wall Street Says He Was Wrong About Bitcoin: ‘I Really Hated Crypto’
ZINGER KEY POINTS
- Jordan Belfort advised crypto investors not take a 12-month or 24-month horizon on Bitcoin.
- He says eventually Bitcoin will “trade more like a store of value and less like a growth stock.”
Jordan Belfort, famously known as the Wolf of Wall Street, recently said that he was wrong about Bitcoin
BTC/USD going to zero.
During a recent interview, Belfort said Bitcoin is a solid long-term play.
“At the time that I really hated crypto, I stand by everything I said about crypto in 2017 except for one thing. I was wrong about Bitcoin going to zero,” he said.
He advised crypto investors not take a 12-month or 24-month horizon on Bitcoin. Instead, one should take a three, four, or five-year horizon.
“I would be shocked if you didn’t make money because the underlying fundamentals, I believe, are really strong,” he added.
Advocating about Bitcoin, he further said, “There’s a limited supply and as inflation does keep going and going and going, at some point in time, there’ll be enough maturity with Bitcoin where it starts to trade more like a store of value and less like a growth stock.”
Earlier, the former Wall Street stockbroker said that for ultra-low cap cryptos it is best to get in before they are publicly traded on exchanges, and investors should buy in when the project “is offered on a launch pad, or a series A or a seed round”.
At the time of writing, Bitcoin was trading at $21,224, up by 0.64% in the last seven days.
By Bibhu Pattnaik, Benzinga Staff Writer