Jordan Belfort, aka the Wolf of Wall Street, says if you take a three, four, or five-year horizon, he would be shocked if you didn’t make money investing in bitcoin because the underlying fundamentals are really strong.
The Wolf of Wall Street Shares Bitcoin Outlook
Jordan Belfort, aka the Wolf of Wall Street, recently shared his outlook for bitcoin on Yahoo Finance’s The Crypto Mile show.
Belfort is a former stockbroker whose memoir was adapted into a film titled “The Wolf of Wall Street,” starring Leonardo DiCaprio and directed by Martin Scorsese. Belfort founded Stratton Oakmont which functioned as a boiler room that marketed penny stocks and defrauded investors with pump-and-dump stock sales. He pleaded guilty to fraud in 1999 and went to prison for 22 months; he is now a motivational speaker.
Belfort was skeptical about crypto and bitcoin in 2017. He now calls himself a cryptocurrency guru.
While insisting that he stands by what he said about crypto back then, he admitted in the Yahoo Finance interview: “Except for one thing, I was wrong about bitcoin going to zero.” He explained: “I think the issue right now is you have to look at bitcoin and not take a 12-month or 24-month horizon. With reasonable luck, I think if you take a 24-month horizon, you’ll almost certainly make money.” Belfort added:
I think if you take a three, four or five year horizon, I would be shocked if you weren’t making money because the underlying fundamentals, I believe, are really strong.
He noted: “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 be treated more like a store of value and less like a growth stock.”
Belfort was also asked what he would recommend to a long-term crypto investor. He said number one would be Bitcoin (BTC) and number two would be Ethereum (ETH).
At the time of writing, bitcoin is trading at $21,038, up 9% in the past seven days but down 38% over a one-year period.
