Bitcoin is an exciting concept that’s been around for a few years. It’s the first decentralized, digital currency. With bitcoin, you can buy and sell things without having to go through a bank or any other financial institution. The only problem is that there’s not much of it to use. For most people, buying bitcoins is time-consuming and expensive—you have to set up an account on one of many exchanges (which also requires some technical know-how), wait for your order to be filled, and then pay exorbitant fees for the privilege of trading in smaller amounts than what you originally requested.
Jordan Belfort is not too bullish on bitcoin.
In his book, The Wolf of Wall Street, and in interviews since, Jordan Belfort has expressed skepticism about bitcoin as a currency and investment opportunity. In fact, he believes that the cryptocurrency craze is just another example of a bubble about to burst. He’s also made it clear that he doesn’t think cryptocurrencies are good ways to send money due to their lack of regulation and government oversight.
While those are valid arguments against investing in cryptocurrencies—and some people agree with them—there’s no doubt that Jordan Belfort is missing out on something interesting here.
Jordan Belfort’s rise and fall as a stockbroker is the subject of the book The Wolf of Wall Street, which also explores the psychology of investing. The protagonist is a very skilled salesman who is adept at appealing to people’s greed and desire for quick money. He takes advantage of their vulnerabilities by coercing them into making poor choices that favor him personally at their expense.
Because bitcoin is not backed by anything physical, in Belfort’s opinion, it cannot be considered a form of money.
Belfort believes that bitcoin is not a currency because it isn’t backed by anything tangible. The same goes for bitcoin being a store of value or wealth—it has no intrinsic value and its price is based on speculation rather than fundamentals like gold or silver.
And finally, Belfort isn’t convinced that bitcoin can be regarded as money; rather, it’s just a way to pay for online purchases of goods and services when there isn’t an established form of payment (like Visa).
Jordan Belfort, the former “Wolf of Wall Street,” has a new prediction for bitcoin.
Jordan Belfort believes that blockchain technology will be a much more prevalent business tool in the near future. Belfort believes that the currency-like qualities of Bitcoin will eventually fade away and the underlying technology will take over.
He also cited the increase in support bitcoin has received from institutional investors compared to its previous bull run in 2017. At that time, Belfort voiced his agreement with JPMorgan CEO Jamie Dimon’s assertion that bitcoin was a “fraud.”
“I don’t think it’s a great model,” Belfort told The Street in September 2017, adding that cryptocurrencies would require some backing by central governments.
“Sooner or later,” he said at the time, “a central bank or a consortium is going to issue their own cryptocurrency, and that’s what will take hold.”
Blockchain is the future
While Jordan Belfort thinks Bitcoin is a “fraud,” he would be more than happy to accept cryptocurrency as payment for his services. As important as blockchain might be to cryptocurrency, it’s even more vital to the way we live our daily lives in the future.
Blockchain technology can be used for anything from managing contracts and storing medical records, to making sure you get paid on time during a car purchase or home sale. It’s already being touted as the future of how we store data securely—and it’s only going to get bigger from here!
In conclusion, Jordan Belfort is not very bullish on bitcoin. Although he has changed his mind about cryptocurrencies, he still believes in blockchain technology and thinks that it’s the future of finance. It’s important to remember that everyone has their own opinion and should be respected for their beliefs.