Jordan Belfort, the former Wall Street broker whose life inspired the hit movie "The Wolf of Wall Street", once believed that bitcoin would cease to exist in the financial world. In a recent interview with Fortune magazine , he said he expected cryptocurrency to rise 80% from current levels to reach $ 100,000. Bitcoin is trading around $ 57,000 on Monday morning.
He said the limited supply of bitcoin gives it an advantage over stocks, as the value of stocks can be skewed by companies issuing new stocks. “People are blessed with bitcoin,” he said. "Bitcoin has a fixed and finite supply. With stocks, you have an infinite number of stocks that can be issued."
Jordan Belfort admitted to being a bitcoin detractor and said he was wrong. “When it hit $ 19,000 at the end of 2017, I was on a TV show, and I told the audience it was going to collapse,” he said. “I was right at the time, but I also thought that bitcoin would be gone forever. It was hard to sell and easy to buy, which can encourage manipulation.”
The former trader believed that user accounts who held bitcoin in Switzerland and the Cayman Islands would be seized and the cryptocurrency would eventually disappear. Like her (...)
Posted Using LeoFinance Beta
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