Former stockbroker Jordan Belfort, famously known as the “Wolf of Wall Street,” was once skeptical about cryptocurrencies. However, over time, his stance has softened, especially about the future of Bitcoin (BTC).
As a result, Belfort has made several predictions about Bitcoin’s trajectory for the coming years. In this regard, Finbold has identified the following three key insights shared by Belfort on Bitcoin’s outlook.
#1 Regulations to be bullish for Bitcoin
At a time when various global jurisdictions have yet to establish concrete regulations for cryptocurrencies, Belfort sees this as a chance for Bitcoin to increase in value. As a long-time proponent for regulations in the crypto sector, Belfort believes that Bitcoin can flourish in an environment where laws are well-defined.
In this regard, Belfort has criticized market participants who view regulations as a hindrance to the growth of digital assets. He has pointed out that the absence of laws is the primary catalyst behind the proliferation of scams in the digital currency space.
“Everyone said, ‘Oh no, the regulators are coming in! So I think it’s a good thing…the sooner that massive regulation comes into the market, the better it is for Bitcoin, stablecoins, and everything else,” said Belfort.
#2 Bitcoin is not going to zero
Belfort’s initial view of cryptocurrencies was cautious, as the former stockbroker regarded the sector as fraudulent. According to a Finbold report, Belfort believed that Bitcoin was destined to have zero value due to what he perceived as fraudulent properties of the maiden crypto.
However, Belfort changed his mind after witnessing Bitcoin’s resurgence from the crypto winter of 2018. Additionally, incidents like the Terra (LUNA) ecosystem crash further strengthened his faith in Bitcoin’s reliability.
“At the time that I really hated crypto, I stand by everything I said about crypto in 2017 except for one thing, I was wrong about Bitcoin going to zero, but I didn’t look closely enough because I just said it’s a scam because it just seemed like that because in all the ear markings of that. <…> When it crashed, and it went down to $3,000, it was still like a multi-billion dollar market. I’m like, wait for a second when things crash, they go like Terra that’s what happens when they’re supposed to go the way. That was the first thing that made me start looking closely,” he noted.
#3 Bitcoin to trade higher despite scams and crypto winter
During the 2022 crypto winter, Bitcoin experienced a substantial drop in value, further compounded by high-profile incidents such as the Terra crash and the FTX crypto exchange collapse. However, Belfort emphasized that the turmoil in the crypto space should not lead investors to dismiss Bitcoin or Ethereum (ETH).
Notably, Belfort had previously advised investors to focus solely on Bitcoin and Ethereum for their long-term crypto investments.
“But just because FTX itself was a scam, that doesn’t mean that you can disregard Bitcoin completely and say it’s worthless or going to zero. The same thing goes for Ethereum,” he noted.
Despite Belfort’s optimistic outlook, it’s important to keep in mind that a range of factors, including regulations, adoption, and macroeconomic factors, will influence Bitcoin’s prospects.