“Wolf of Wall Street”, Jordan Belfort, continues to criticize cryptocurrency and predicts Bitcoin Disaster.
The head of now defunct brokerage firm Stratton Oakmont, Jordan Belfort, whose story was depicted in cult movie The Wolf of Wall Street, is convinced that retail cryptocurrency investors are brainwashed and in the near future they can lose a lot. He warned bitcoin investors about what they could expect further, noting that his experience as a fraudster allows him to identify with a high accuracy questionable schemes. “The Wolf of Wall Street” shared his thoughts in a interview with CNBC.
“I was a scammer. I had it down to science, and it’s exactly what’s happening with bitcoin,” he said. “The whole thing is so stupid, these kids have gotten themselves so brainwashed.”
It is worth noting that in 1999, Belfort was indeed convicted in stock-market manipulation. He is convinced that the era of the Internet makes it possible to fool people even even easier than in those years when he needed an “army”, which offered many people to buy unpromising shares by phone. Now, for manipulation, there are enough trading bots that make all the “dirty work” for people. ICOs have also become synonymous with fraud – only a small part of ICOs can stay more than a year on cryptocurrency market. The decentralized nature of Bitcoin also will not save the cryptocurrency – anonymity and independence will soon be banned by the governments of large countries.
“Central banks don’t want it, they’ve spent all this time trying to stop money laundering, why now allow something that’s anonymous, and lends itself to making money-laundering easy?” Belfort said. “I don’t believe there’s any shot in the world they’ll let that happen.”
Belfort expects that the cryptocurrency market will simply disappear within a year, and all investors will suffer serious losses.
“This thing is going to evaporate like a mirage,” Belfort told to CNBC. “There’s a lot of really honest people who are going to get slaughtered.”
He called the market cap a “deadweight”, which means nothing. According to the former broker, the usefulness of the cryptocurrency does not varies according to its value, the only reason for the price change is speculation.
On Tuesday, August 28, bitcoin price again exceeded $ 7,000. Thus, the first cryptocurrency returned to the levels at which it last traded three weeks ago.
At the same time, the founder and partner of Morgan Creek Digital Assets, Anthony Pompliano, suggested that in the near future bitcoin price would soon drop to $ 3000, rather than grow to $ 10,000.