A former stockbroker - Jordan Belfort - is the same person who is portrayed in the iconic “The Wolf of Wall Street” movie. Today, Jordan no longer trades on the market but is engaged in sales, consulting the businessmen and investors. He is also known for his critical opinion on Bitcoin.
We are gonna discuss what the wolf of wall street - Jordan Belfort - thinks about Bitcoin and what kind of advice he has for the crypto market players.
History of the Wolf
Jordan Belfort has always sought financial independence, uh, to simply put it, the wealth. So he kept looking for opportunities to earn as much money as possible. In his early biography, there is a moment when Jordan dropped out of dental school when his College Dean told him that the “Golden age” of the profession had long passed and no longer had brought quick and easy money.
In pursuit of his goal, Belfort becomes a broker and begins the legendary march on Wall Street. In 1989, he founded the over-the-counter brokerage house called Stratton Oakmont. The brokerage traded cheap shares of little-known companies. In fact, Belfort and his team were engaged in a fraud scheme of “pump and dump”: buying garbage shares, manipulating the market to pump up the price and then reselling the shares at a peak price. It is known that the Stratton Oakmont used whatever means to maximize profits, including blocking customer transactions if it was not profitable for the company.
The FBI launched an investigation into Stratton Oakmont almost immediately after the company was founded. But this did not prevent Belfort from earning millions of dollars by manipulating the market until 1996. That’s when Stratton Oakmont was officially closed by the decision of the US financial authorities. In two years, Jordan Belfort was charged with securities market fraud and money laundering. He made a deal with the investigation team to uncover similar brokerage companies. And in return, he’d get sentenced only to 22 months in prison.
In prison, Jordan gets the idea to write a book and tell the world the story of his life. Then, director Martin Scorsese shoots “The Wolf Of Wall Street” with Leonardo DiCaprio in a lead role. Belfort took an active part in the shooting as a consultant. As he puts it, the parties portrayed in the movie were even crazier. Also, they had to take out all information regarding the deals he made with politicians.
Today, the real wolf of Wall Street lives in the United States and earns by sales coaching businessmen. He is also often invited to financial TV shows as an expert.
What Jordan Belfort thinks about Bitcoin
Jordan Belfort is one of the biggest Bitcoin and cryptocurrency critics. Here's what he said in an interview with CNBC in August 2018:
I was a scammer. I had it down to science, and it's exactly what's happening with Bitcoin," he told CNBC in a documentary airing Monday. "The whole thing is so stupid, these kids have gotten themselves so brainwashed
But to fully understand Belfort’s attitude toward Bitcoin, you would have to see his previous interview where he explains that he is not criticizing specifically Bitcoin. When Jordan talks about fraud, he implies the cryptocurrency price rate manipulation which affects investors who risk losing all their money.
Belfort does not consider fraudsters those who invented Bitcoin. In his understanding, it was a group of financial anarchists who went through with a bold experiment.
Cryptocurrency forecast brought to you by Belfort
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 states will never accept Bitcoin as an alternative economy because they do not want to lose the monopoly on money management.
In the future, only blockchain technology will remain in the place of cryptocurrencies, as the wolf of Wall Street sees huge potential in the concept.
He also does not exclude the fact that Goldman Sachs and other large banks will release their own cryptocurrency.
We’d like to note that in this video, we are showing you strictly the position of Jordan Belfort and not of Coin Post. But we are trying to put information into an objective perspective as much as possible. In fact, you may subscribe to our channel to see it for yourself!
The Wall Street wolf tips: how to profit by Bitcoin
Despite the fact that Jordan Belfort himself does not believe in Bitcoin and is not going to invest in cryptocurrencies, he believes that you can still earn a decent fortune in this market.
To do this, you only have to follow two rules. The first one is not to rush for the reward, that is not to sell immediately when your investment shows the first growth. Belfort himself regrets that. Because of the haste, he earned several million where it was possible to get a billion.
The second rule of Belfort is to invest no more than you can afford to lose and constantly monitor the market to get out on time.