Bitcoin Going Bust? Naah! The ‘Wolf of Wall Street’ Doesn’t Believe So
Bitcoin can go sideways and south, but as we speak, the world’s most popular – and resilient crypto – is alive and kicking.
The Wolf of Wall Street, like every other analyst and market expert, makes mistakes, especially on predicting the fate of Bitcoin.
Belfort recently gave an interview where he said he was wrong about the future of Bitcoin and that he had made some incorrect forecasts.
In 2017, Jordan Belfort predicted that Bitcoin will resemble a fraud and that its value would drop to nothing.
Additionally, the former stockbroker made a prediction regarding the future of cryptocurrencies.
“When it plummeted and fell to $3,000, the market was still worth billions of dollars, and I thought to myself, ‘Wait a minute, when things drop, they go like LUNA.’ That is what occurs when they are supposed to travel in that direction.”
Leonardo DiCaprio as Jordan Belfort in the 2013 flick Wolf of Wall Street. Image: Looper/Paramount Pictures.
Wolf of Wall Street Sees Bitcoin Like Gold
During this collapse, the Wolf’s concept of Bitcoin underwent a radical transformation. He viewed it as an equivalent to the gold market, rather than a growth stock. He also seeks tight cryptocurrency regulation to “remove rogue actors.”
As the bitcoin market is now gloomy, he also predicted the cryptocurrency industry’s growth to mimic the dot-com boom. The dot-com bubble was a financial disaster that occurred in the late 1990s and early 2000s.
The Wolf of Wall Street predicted that several crypto currencies would decline before recovering. This may be partially accurate given the latest meltdown that occurred in June.
The economist and the founder of HS Dent Publishing, Harry Dent concurs with this assessment:
“I did not understand crypto until a speaker at my own conference explained it as the digitization of financial assets and money. And I’m thinking, what is greater than the GDP by six or seven times the world’s financial assets?”
Is Bitcoin Going The Way Of The Dot.com Era?
Dent also believes that Bitcoin and Ethereum will be at the vanguard of the next cryptocurrency market meltdown, akin to Amazon during the dot-com bubble.
He also said he equates cryptocurrencies, Bitcoin in particular, to the new dot.com shops that were popular in the 1990s and exemplified it. Amazon lead this bubble and fell 95% prior to reaching 3,500 during the subsequent surge, he explained.
In the face of the current volatility of the cryptocurrency market, only time will tell if these forecasts are accurate.
However, the market’s consistent behavior recently suggests the opposite may be true.
Meanwhile, it’s interesting to know what the Wolf of Wall Street is thinking now that bitcoin and other top cryptos are showing signs of weakness.
Overall, filmmaker Martin Scorsese’s depiction of Jordan Belfort (Leonardo DiCaprio’s character in the 2013 movie Wolf of Wall Street) and his brokerage business Stratton Oakmont is accurate.
BTC total market cap at $379 billion on the daily chart | Source: TradingView.com Featured image from CNBC, chart from TradingView.com