Former broker Jordan Belfort is the man of the cult film The Wall Street Wolf. Jordan Belfort few years ago was not a big fan of crypto. Today, Jordan no longer plays the market but provides sales training and consulting for entrepreneurs and investors. He is also known as one of the financial market experts with a strongly negative position on bitcoins.
What does the real Wall Street wolf Jordan Belfort think about bitcoin, and what advice do cryptocurrency market participants have?
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Jordan Belfort spoke recently about crypto
Jordan Belfort’s goal has always been financial independence or wealth. He was looking for an opportunity to make as much money as possible. In his early biography, Jordan stopped studying at the dentist after the dean of his college said that the “golden age” of the profession had passed and no longer brought quick and easy money.
Belfort becomes a broker to achieve his goal and begins the legendary Wall Street march. In 1989, he founded Stratton Oakmont, an over-the-counter brokerage house that traded on cheap stocks in obscure companies. Belfort and his team engaged in a Pump & Dump scam, buying junk stocks at a low price and then manipulating the market to cheat their value for a profitable resale. Stratton Oakmont has used all methods to maximize profits, including specifically blocking customer transactions if this was not profitable for the company.
The FBI launched an investigation into Stratton Oakmont almost immediately after the company was founded. But that didn’t stop Belfort from making millions of dollars by manipulating the market until 1996 when Stratton Oakmont was officially closed by a decision of the US financial supervisory authorities. And two years later, Jordan Belfort was accused of stock market fraud and money laundering. He made a deal with the investigation. Thanks to his testimony, the FBI reached several similar brokerage companies. For this, Jordan was sentenced to only 22 months in prison.
In prison, Jordan comes up with the idea of writing a book and telling the world his life story. Afterward, the famous director Martin Scorsese will make the cult film “The Wolf of Wall Street” with Leonard DiCaprio in the title role. Belfort was actively involved in the filming as a consultant. As Jordan himself said, the parties are shown more restrained than they were in the film. And all the information about the politicians he dealt with was also removed from his history.
Today, the real wolf from Wall Street lives in the United States and makes money by teaching sales courses and advising entrepreneurs. As an expert, he is also often invited to financial television shows.
What Jordan Belfort thinks about crypto and Bitcoin?
Jordan Belfort is one of the most outspoken critics of bitcoins and cryptocurrencies. Here’s what he said in an interview with CNBC in August 2018.
I was a cheater. I’ve brought the fraud to the art level. That’s precisely what happens with bitcoins. It’s all so stupid, and those kids are brainwashed.
But to fully understand Belfort’s attitude toward bitcoins, you need to look at his previous interview, where he explains that he doesn’t specifically complain about bitcoin. When Jordan talks about fraud, he means manipulating the cryptocurrency rate, which exposes many investors to the risk of losing all their money.
I’m not really against bitcoin. I don’t consider it a scam, but there are many scams around bitcoin.
Belfort also does not consider those who invented and created bitcoin to be fraudsters. In his understanding, a group of financial anarchists decided on a bold experiment.
Belfort cryptocurrency future forecast
According to Jordan Belfort, the bitcoin market and all cryptocurrencies will sooner or later collapse to zero because it has no prospects for further development. Banks and governments will never accept bitcoin as an alternative economy because they do not want to lose their monopoly on money.
In the future, instead of cryptocurrencies, only blockchain technology will remain, in which the wolf from Wall Street sees excellent potential.
But, blockchain technology, which will then be responsible for your card and all types of tranches, will become very useful. It’s a great technology that will regulate, monitor, and reduce costs. Financial institutions will fuck you like before, but they will reduce costs and simplify financial transactions.
Nor does it rule out that Goldman Sachs and other large banks will issue their cryptocurrencies.
How to make money on bitcoins, tips from the wolf from Wall Street
Although Jordan Belfort himself does not believe in bitcoins and will not invest in cryptocurrencies. He believes that a decent fortune can be made in this market.
To do this, follow two rules. The first is not to rush to get an award. That is, do not sell immediately when your investment shows first growth. Belfort himself regrets that he earned several million where it was possible to raise a billion due to the rush and coincidence.
Belfort’s second rule says: don’t invest more than you can afford to lose, and keep an eye on the market to get in time.