The Wolf of Wall Street himself, Jordan Belfort, predicts that bitcoin and ethereum will rise “a lot higher” than they are right now.
He emphasized that while the defunct cryptocurrency exchange FTX is a hoax, its collapse “doesn’t mean that you can reject bitcoin altogether and claim it’s worthless or going to zero.”
The Wolf of Wall Street Calls FTX a Scam
Jordan Belfort, a former stockbroker whose memoir was made into a film called “The Wolf of Wall Street,” provided some tips about bitcoin and ethereum in a video released on his Youtube page Monday.
But just because FTX itself was a fraud does not automatically imply that bitcoin is worthless or on the verge of being worthless.
Belfort predicts that despite recent crypto market sell-offs and the FTX turmoil, the price of bitcoin and ether will rise significantly.
He expresses doubt about other cryptocurrencies, stating that he “seriously would not be touching crypto right now with a 10-foot pole” if they weren’t the two biggest ones.
According to Belfort, investors should look at each token’s underlying principles and consider why they initially purchased the coin.
However, Belfort advised: “Anything outside of bitcoin and ethereum, I would take a petty close look at it and consider maybe selling it,” if investors purchased cryptocurrency under the assumption that “someone even more foolish than you would come along and buy the coin from you at a higher price.”
However, if investors bought cryptocurrency under the belief that “someone even more idiotic than you will come along and acquire the coin from you at a higher price,” Belfort advised: “Anything outside of bitcoin and ethereum, I would take a petty good look at it and consider maybe selling it.”