‘Wolf of Wall Street’ Jordan Belfort Expects Bitcoin and Ethereum ‘Significantly Higher’ Despite FTX Collapse

Jordan Belfort, aka the Wolf of Wall Street, expects bitcoin and ethereum to be “much higher” than they currently are. Noting that the collapse of the FTX cryptocurrency exchange is a scam, he pointed out that its implosion “doesn’t mean you can completely ignore bitcoin and say it’s worthless or headed for zero.

The Wolf of Wall Street calls FTX a scam

Jordan Belfort, a former stockbroker whose memoir has been adapted into a film titled “The Wolf of Wall Street“, shared some recommendations on bitcoin and ethereum in a video posted on his Youtube channel on Monday. The film is directed by Martin Scorsese and stars Leonardo DiCaprio.

Jordan Belfort founded Stratton Oakmont, which operated as a boiler room that traded penny stocks and defrauded investors with pump sales. He became a motivational speaker after pleading guilty to fraud in 1999 and serving 22 months in prison.

Regarding FTX, the cryptocurrency exchange that imploded and filed for bankruptcy on Nov. 11, Wolf of Wall Street described: “FTX was a scam and there is no way to protect yourself from such a scam“. He added:

But just because FTX itself was a scam doesn’t mean you can completely ignore bitcoin and say it’s worthless or going to zero. The same goes for ethereum.

Belfort recommends keeping bitcoin and ethereum.

Jordan Belfort believes the price of bitcoin and ether will rise significantly despite the recent crypto market selloff and FTX fallout. However, he is skeptical of other coins, noting that outside of the two biggest cryptocurrencies, “literally wouldn’t touch crypto right now with a 10 foot stick“.

For those who already own other cryptocurrency tokens, he recommends “examine each piece step by step” to decide if they should be sold and when would be the right time to do so. “It should be based on what you bought and what you think it’s worth now“, he said.

Investors should examine the fundamentals of each token and ask themselves why they bought the coin in the first place, Belfort advised. “Was there something behind your purchase, did you expect good news, did you think the company was really doing something and we were supposed to have breakthrough technology?” he asked.

But if investors bought cryptocurrencies becausethe biggest fool theory meaning you thought… someone even bigger fool than you would come and buy the part of you at a higher price“, Jordan Belfort suggested: “Anything outside of bitcoin and ethereum I would look at very closely and maybe consider selling.Referring to the dotcom bubble, where 99% of transactions collapsed and never recovered, he explained:

Do some analysis, do some research… Is there a problem that this coin or token solves or do we just buy into all the hype and hope it continues because if it does, you know honestly the chances are that most of these things never come back.

Jordan Belfort also revealed that he plans to buy more bitcoin and ether. While warning that both cryptocurrencies could fall further in the short term, he said:

I think it’s a good bet that right now, if you buy bitcoin or ethereum, the odds are going to be significantly higher in 5-10 years – actually a lot higher, I think.

If you buy bitcoin or ethereum, it should be a very small part of your overall investment portfolio.“, Belfort advised, noting that he would limit crypto investments to “less than 10%” of its global holdings. “This is the money you can essentially speculate with. You can afford to lose it.

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