Jordan Belfort, a well-known brokerage firm who influenced the 2013 smash flick The Wolf of Wall Street, said he would be “shocked” if his investment in Bitcoin was unsuccessful within the next three to five years. “.
The man whose memoirs influenced Martin Scorsese’s movie (starring Hollywood actor Leonardo DiCaprio) asked investors to see Bitcoin as a long-term hedge against financial instability at the new Yahoo Finance Show Cryptomile. I advised.
Jordan Belfort is not always sympathetic to the plight of the world’s most popular cryptocurrencies. In 2018, he argued that Bitcoin is based on the Great Fool theory and investors need to shut down the system to avoid losing all their money.
In the last 24 hours, Bitcoin has reached its daytime peak of $ 20,431 before changing course. According to CoinMarketCap statistics on Wednesday, the largest cryptocurrency in terms of market capitalization is currently trading at $ 20,021 and has fallen 0.70% in the last seven days.
Wolf of Wall Street main character Leonardo DiCaprio playing the role of Jordan Belfort. Image: We Got This Covered
Jordan Belfort: Bitcoin has powerful potential to increase value
Jordan BelfortCurrently, the author and speaker recommends that Bitcoin investors continue to invest for at least 36 months, and that this type of asset is likely to be valued during this period. I’m emphasizing.
“With a three- or five-year outlook, Bitcoin’s fundamentals are so solid that it would be surprising if it didn’t make a profit,” he said.
One of the two types of crypto investment described by Belfort is to bet on a protocol with a long-term foundation.
The other is to invest a small amount in a crypto venture that has a very low market capitalization and can make a big profit if you invest early.
BTC total market cap at $381 billion on the daily chart | Source: TradingView.com
Bitcoin will reach $ 100,000 by the end of the year, says The Wolf of Wall Street
In the wake of the bull market last spring, Belfort changed its outlook and predicted asset values to reach $ 100,000 by the end of the year.
He praised the limited supply of Bitcoin and predicted that as inflation continued to rise, cryptocurrencies would “begin to trade like valuable stores and not like growth stock.”
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Wall Street figures believe that the success of a particular Bitcoin trader may be the result of so-called “luck”. He explained if the opportunity is in their favor, investors will almost certainly win from their Bitcoin investment.
June was the worst performing month of Bitcoin in the last 11 years, according to Glassnode data. In addition, BTC experienced its worst quarterly performance, losing nearly 60% of its value in the second quarter of this year.
Jordan Belfort is optimistic about cryptocurrencies. However, he warned investors that there could be periods of significant price declines and volatile fluctuations in the years that follow.
Featured image from CNBC, chart from TradingView.com