Jordan Belfort previously predicted that the price of bitcoin would become zero.
Jordan Belfort, a former investment portfolio manager also known as “The Wolf of Wall Street,” admitted that his original idea that the price of bitcoin would become zero was wrong.
He said in an interview with Yahoo Finance that in 2017, when he made this thesis, “I really didn’t like cryptocurrencies. And, you know, we can discuss different aspects of this digital asset, but what I was definitely wrong about was that the price of bitcoin would become zero. We see that the price of bitcoin is far from that value.”
Belfort also believed that global regulation of cryptocurrencies would be a factor in turning the price of bitcoin to zero, but he gradually began to look at the No. 1 cryptocurrency differently after the 2018 “cryptozyme.”
“When bitcoin collapsed to $3,000, investors still didn’t sell off significantly, and the market remained a multi-billion-dollar investment sector.”
It was then that Belfort began to gradually realize that investors in this cryptocurrency were set up for the long-term prospects of their investments, and also began to see signs of “digital gold” in bitcoin.
Then he began to realize that bitcoins in the future will not be traded as shares of a promising company, but as a financial instrument that claims to be a hedge asset and provide minimization of losses during the depreciation of most other assets in the financial market.
That said, the dynamics cryptocurrency market The cryptocurrency market in general reminds it of what was happening in the early noughties with the dot-com market, when a lot of Internet companies’ stocks appeared on Wall Street. Then, after a short time, almost all of these stocks went down a lot. But then some of those startups became big businesses, such as online retailer Amazon. In terms of price, Belfort thinks bitcoin and Ethereum will repeat the fate of Amazon securities.