Wolf of Wall Street Jordan Belfort Says He Was Wrong About Bitcoin, Names Two Crypto Assets for Long-Term Plays

In 2018, Jordan Belfort said that crypto is just a scam to make money. He also warned that people could lose all their investments on Bitcoin (BTC).

In a new interview on Crypto Mile, the infamous stockbroker who inspired the movie The Wolf of Wall Street admits that he was wrong about his stance on Bitcoin.

7:03 “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.”

He says that Bitcoin could even serve as a long-term hedge against inflation.

“I think the issue right now is you have to look at Bitcoin and not take a 12-month or 24-month horizon. With reasonable luck, I think if you take a 24-month horizon, you’ll almost certainly make money, maybe not, but I think if you take a three-, four-, five-year horizon, I would be shocked if you didn’t make money because the underlying fundamentals, I believe, are really strong.

There’s a limited supply and as inflation does keep going and going and going, at some point in time there’ll be enough maturity with Bitcoin where it starts to trade more like a store value and less like a growth stock.”

The flagship cryptocurrency is also Belfort’s top crypto pick for long-term investment, followed by Ethereum (ETH).

At time of writing, BTC is trading for $21,237, while ETH is changing hands at $1,370.

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