{"id":15287,"date":"2022-12-09T01:24:16","date_gmt":"2022-12-09T01:24:16","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/wolf-of-wall-street-jordan-belfort-expects-bitcoin-and-ethereum-to-be-substantially-higher-despite-ftx-collapse-markets-and-prices-bitcoin-news\/"},"modified":"2022-12-09T01:24:16","modified_gmt":"2022-12-09T01:24:16","slug":"wolf-of-wall-street-jordan-belfort-expects-bitcoin-and-ethereum-to-be-substantially-higher-despite-ftx-collapse-markets-and-prices-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/wolf-of-wall-street-jordan-belfort-expects-bitcoin-and-ethereum-to-be-substantially-higher-despite-ftx-collapse-markets-and-prices-bitcoin-news\/","title":{"rendered":"‘Wolf of Wall Street’ Jordan Belfort Expects Bitcoin and Ethereum to Be ‘Substantially Higher’ Despite FTX Collapse \u2013 Markets and Prices Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Jordan Belfort, aka the Wolf of Wall Street, expects bitcoin and ethereum to be \u201ca lot higher\u201d than they are now. Noting that the collapsed crypto exchange FTX is a scam, he stressed that its implosion \u201cdoesn\u2019t mean that you can disregard bitcoin completely and say it\u2019s worthless or going to zero.\u201d<\/strong><\/p>\n

The Wolf of Wall Street Calls FTX a Scam<\/h2>\n

Jordan Belfort, a former stockbroker whose memoir was adapted into a film called \u201cThe Wolf of Wall Street,\u201d shared some recommendations about bitcoin and ethereum in a video posted on his Youtube channel Monday. The film was directed by Martin Scorsese and starred Leonardo DiCaprio.<\/p>\n

Belfort founded Stratton Oakmont which functioned as a boiler room that marketed penny stocks and defrauded investors with pump-and-dump stock sales. He became a motivational speaker after pleading guilty to fraud in 1999 and went to prison for 22 months.<\/p>\n

Regarding FTX, the crypto exchange that imploded and filed for bankruptcy<\/a> on Nov. 11, the Wolf of Wall Street described: \u201cFTX was a scam and there is no way to protect against a scam like that.\u201d He added:<\/p>\n

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But just because FTX itself was a scam, that doesn\u2019t mean that you can disregard bitcoin completely and say it\u2019s worthless or going to zero. The same thing goes for ethereum.<\/p>\n<\/blockquote>\n

Belfort Recommends Holding Bitcoin and Ethereum<\/h2>\n

Belfort believes that the price of bitcoin and ether will increase substantially despite recent crypto market sell-offs and the FTX fallout. However, he is skeptical about other coins, noting that besides the two largest cryptocurrencies, he \u201cliterally would not be touching crypto right now with a 10-foot pole.\u201d<\/p>\n

For those who already own other crypto tokens, he recommends \u201cgoing step by step looking at each coin\u201d to decide whether they should be sold and when a good time to sell might be. \u201cThis has to be based on what you bought and what you think it\u2019s worth right now,\u201d he said.<\/p>\n

Investors should examine each token\u2019s fundamentals and ask themselves why they bought the coin in the first place, Belfort advised. \u201cWas there something behind your purchase, were you expecting good news to come out, do you think the company was actually doing something and we\u2019re going to have some breakthrough technology?\u201d he asked.<\/p>\n

However, if investors bought crypto because of \u201cthe greater fool theory, meaning that you thought \u2026 someone even more foolish than you would come along and buy the coin from you at a higher price,\u201d Belfort suggested: \u201cAnything outside of bitcoin and ethereum, I would take a petty close look at it and consider maybe selling it.\u201d Referencing the dot-com bubble where 99% of the deals crashed and never came back, he explained:<\/p>\n

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Do some analysis, do some research \u2026 Is there any problem that this coin or token is solving or we\u2019re just buying into all the hype and the hoping that it would continue to go because if that\u2019s the case honestly you know chances are most of these things are not going to ever come back.<\/p>\n<\/blockquote>\n

Belfort also revealed that he is planning to buy more bitcoin and ether. While cautioning that the two cryptocurrencies could fall further in the short term, he opined:<\/p>\n

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I think it\u2019s a pretty good bet that right now, down here, if you buy bitcoin or ethereum, chances are [they] will be substantially higher in five to 10 years \u2014 actually a lot higher, I believe.<\/p>\n<\/blockquote>\n

\u201cIf you are buying bitcoin or ethereum, it should represent a very small portion of your overall investment portfolio,\u201d Belfort advised, noting that he would limit crypto investments to \u201cunder 10%\u201d of his overall holdings. \u201cThat\u2019s the money that you can essentially speculate with. You can afford to lose it.\u201d<\/p>\n

What do you think about the recommendations regarding bitcoin and ethereum by Jordan Belfort? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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