Jordan Belfort, aka, the “Wolf of Wall Street” believes that Bitcoin, the top-ranked cryptocurrency is going to evaporate. The former penny-stocker broker who was pleaded guilty to fraud charges in 1999 is no stranger to espousing negative rhetoric about Bitcoin and the cryptocurrency market in general.
All the Makings of a Scam
Speaking to CNBC as part of a documentary titled “Bitcoin: Boom or Bust,” Belfort expressed his staunch belief that BTC investors were heading for a sad end. According to Belfort, BTC is the next great scam that would render many people penniless after the bubble bursts. During the interview, the Wolf of Wall Street also said:
I was a scammer. I had it down to science, and it’s exactly what’s happening with bitcoin. The whole thing is so stupid, these kids have gotten themselves so brainwashed.
Belfort maintains that the BTC fraud plays into the modern-day world where the Internet has become a tool for manipulation. According to the former penny-stock broker, many ICOs are empty schemes doomed to fail which is why the United States Securities and Exchange Commission is right to take a hard-line stance against such offerings.
Bitcoin will Evaporate
As for Belfort, he believes that BTC doesn’t have long left to last, saying:
This thing [Bitcoin] is going to evaporate like a mirage. There’s a lot of really honest people who are going to get slaughtered.
The Long Island-based Stratton Oakmont chief also predicted that BTC would be dead within a year. According to Belfort, BTC’s death will echo across the globe describing it as “the bust heard around the world.”
These comments aren’t the first BTC obituary issued by Belfort. Speaking during a Facebook video in June, Belfort said BTC would soon be dead. At the time, the top-ranked cryptocurrency was in the midst of a significant decline, and Belfort jumped on the doomsday bandwagon predicting the end of the road for the popular virtual currency.
Belfort has also aimed at the ICO ecosystem before, labeling the fundraising method as ‘the biggest scam’ in 2017. Belfort isn’t the only notable Wall Street crypto critic. Others like Jamie Dimon of JPMorgan and Warren Buffett of Berkshire Hathaway have also made similar proclamations on multiple occasions in the past. The ‘Oracle of Omaha’ once described BTC as ‘probably rat poison squared.’
Do you agree with Belfort’s negative view about the future of Bitcoin? Keep the conversation going in the comment section below.
Image courtesy of Coinmarketcap.