Renowned stockbroker Jordan Belfort, whose life inspired the 2013 smash flick “The Wolf of Wall Street”, said he would be “shocked” if investing in bitcoin did not prove successful over the next three to five years.
The man whose memoir inspired the Martin Scorsese film (starring Hollywood actor Leonardo DiCaprio) advised investors to look at bitcoin as a long-term hedge against economic volatility in the new Yahoo finance show The Crypto Mile.
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Jordan Belfort has not always been sympathetic to the plight of the most popular cryptocurrency in the world. In 2018, he claimed that bitcoin was founded on the Great Fool’s Theory and that investors should exit its system to avoid losing all their money.
Over the past 24 hours, bitcoin hit an intraday peak of $20,431 before changing course. Wednesday’s CoinMarketCap figures show that the largest cryptocurrency by market capitalization is currently trading at $20,021, down 0.70 percent over the past seven days.
Wolf of Wall Street main character Leonardo DiCaprio playing the role of Jordan Belfort. Image: We Got This Covered
Jordan Belfort: Bitcoin Has Strong Potential to Rise in Value
Jordan Belfort, now a writer and public speaker, advised bitcoin investors to hold their investments for at least 36 months, emphasizing that there is a potential for this type of asset to appreciate during this time. Strong prospect.
“If you take a three- or five-year approach, I would be surprised if you didn’t make money, because the fundamentals of bitcoin are so solid,” he said.
One of the two types of crypto investments described by Belfort is betting on protocols with a long-term basis.
The second is to invest a small amount in crypto ventures with very low market capitalization and the potential for big gains if invested early.
BTC total market cap at $381 billion on the daily chart | Source: TradingView.com
Bitcoin Will Reach $100K By Year’s End, Says Wolf Of Wall Street
In the wake of the bull run in the spring of last year, Belfort changed his outlook and predicted that the asset would reach $100,000 by the end of the year.
He lauded the limited supply of bitcoin and predicted that as inflation continues to rise, the cryptocurrency will “begin to trade more like a store of value and less like a growth stock.”
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Wall Street figures suggest that the success of some bitcoin traders may be the result of so-called “luck”. If the odds are in their favor, he explained, investors will almost certainly win with their bitcoin investments.
Data from Glassnode shows that June was Bitcoin’s worst performing month in the past 11 years. Furthermore, BTC experienced its worst quarterly performance, losing nearly 60% of its value during the second quarter of the current year.
Jordan Belfort remains bullish on cryptocurrencies. However, he cautioned investors that subsequent years could be a time of significant price drops and severe volatility.
Featured image from CNBC, chart from TradingView.com
