“The Wolf of Wall Street” calls bitcoin a long-term investment
Jordan Belfort believes that the time will come when BTC will be traded as a store of value
06.07.2022 - 10:30
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What’s new? Former stockbroker Jordan Belfort has advised investors to buy bitcoins for long-term storage. In his view, the asset will help depositors to protect funds against inflation. Belfort added that long-term holders of the first cryptocurrency are more likely to profit. In addition, he believes that in the future, BTC will be traded as a store of value rather than as an investment vehicle with a growth prospect. Belfort attributed this to the fact that issuance of the asset is limited and inflation continues to rise.
What else did Belfort say? The expert highlighted two types of investments in the crypto industry. One of them is investing in protocols with long-term fundamentals, while the other is investing small amounts in projects with ultra-low market capitalization. Belfort noted that the latter can generate huge returns. To that end, it is better for investors to enter such projects before they start trading publicly on stock exchanges and invest in the initial rounds of funding. However, Belfort warns that by investing in ultra-low capitalization projects, investors can lose money, so they should be prepared to lose.
Belfort noted that the crypto sector needs regulation to protect investors from fraud. Compared to traditional finance, the digital asset sector lacks clear rules, he stressed.
Jordan Belfort is a former stockbroker. He was convicted of fraud related to the security market. His story inspired director Martin Scorsese to make the film The Wolf of Wall Street.
Belfort had previously stated that the meme cryptocurrencies Dogecoin or Shiba Inu were completely worthless. In his view, these assets have no value either to the market or to the entire community. Belfort warned users against investing in these coins. He also said that their creators should go to prison because they take advantage of the fact that the market is not regulated by anyone.
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