Wolf of Wall Street Belfort Relates Bitcoin to a Scam

post image

The real-life ‘Wolf of Wall Street’ Jordan Belfort keeps bashing on bitcoin. Once in a Facebook interview with a businessman Patrick Bet-David, he suggested bitcoin would soar to $50,000 before finally crashing to zero.However, Belfort never called it a fraud but a phenomenon which appeared as a result of “storm manipulation.”

But it seems that Belfort has changed his views. In a recent conversation with CNBC journalist, the former scammer (yes, the ‘Wolf of Wall Street’ admits he used to dupe his clients back in the 1990s), claimed bitcoin can lead to scamming.

"I was a scammer. I had it down to science, and it's exactly what's happening with bitcoin. The whole thing is so stupid, these kids have gotten themselves so brainwashed," said Belfort.

Past vs. Present

In the past, Belfort spent around two years incarcerated for deceiving investors. He ran a brokerage house in the U.S. and was making investors go for purchasing stocks which turned out to be worthless. Belfort pleaded guilty.

Now Belfort is working as a motivational speaker and is predicting that bitcoin will “evaporate like a mirage.” He even claims lots of honest people will suffer from it.

Not a Scam But a Tool For Scamming

He says he used to manipulate investors into buying worthless stocks, but in our own time, in the era of technologies, it is way easier to manipulate.

At the same time, Belfort did not dare to call bitcoin a scam but emphasized “its nature allows scams” to take place. He added that it is a dark market and no one can know what’s happening behind the stage.

Belfort Questions Bitcoin’s Security

The “Wolf of Wall Street” also disputed bitcoin’s safety. Many crypto-enthusiasts have been saying bitcoin may help eliminate the need for central banks and be the top anonymous decentralized currency. But Belfort, however, doesn’t believe governments will allow this to happen after they have fought with money-laundering so much.

Quick Look At All Crypto News And Events For November 2020
Were you too engrossed in trading left and right that you’d completely spaced on getting your monthly update of the latest events in the crypto world? Well,...
Bitcoin Era Success Story: Teen Hits Jackpot With Crypto Trading
17-Year Old Hits The Jackpot With Cryptocurrency Trading Venture The news media has been swept up in a tornado with the latest news of a 17-year-old boy...
Keep Up With October Crypto Events Checking Out This Quick Roundup
Top Crypto Market News Of October You Should Catch Up With Do you think the world is turning more crypto-crazed day by day? There’s no limit to your investments...
A Collection Of Fresh Crypto News For Those Who Missed Out
The Major Roundup On The Latest Crypto News In The World The last month has been full of events and brought even more pressure on local business pretty...
What Everyone Should Know About Tokenization
Blockchain tokenization is a means of digital representation of a right and can be done with the help of a ledger. This can be a right to asset ownership...
What To Expect From A Cryptocurrency Market In 2020
Crypto market has always been a good target for speculation, shady schemes, and "bad guys". It's also very controversial, especially for financial markets...
Ethereum Foundation Confirms Upcoming ‘Istanbul’ Upgrade
On November 7th, Péter Szilágyi announced the date of the foundations impending upgrade, known as ‘Istanbul’. This upgrade will be the eighth hard fork...
Bitcoin’s Volatility? In 2017 BTC Was More Stable Than In Its Early Days
Despite some 30% crashes in 2017, bitcoin managed to increase by total 1,400% last year, conquering the world’s financial stage. Banks are becoming more...
Stablecoin - Everything You Need to Know
What Is A Stablecoin? You must have heard of cryptocurrency which has been the recent talk of the town. Well, stablecoins are a form of cryptocurrency....
Influence of Recent Cryptocurrency Boom: Does It Still Hurt?
Crypto Exchange Gate.io Agrees With Reports Showing 51% Attack On Ethereum Classic Bitcoin is a decentralized digital currency (also known as cryptocurrency)....
What is a Security Token?
Security tokens became very popular, but do you really know what is STO?STO is Security Token Offering, which is identical to an ICO. In this, there are...
Canada Reports Blockchain To Be Amongst Its Highest Paying Industries
A report recently published by the Canadian Digital Chamber of Commerce proves that the money involved in the blockchain industry of the nation is at the...
Cryptocurrency Exchange Security Levels
The growing interest in cryptocurrencies has led to the emergence of a wide selection of both digital money and the sites where you can exchange one cryptocurrency...
Belarusbank Considers Setting Up Crypto Exchange
Last year March Belarus introduced a decree by which it legalized cryptos and some activities related to them. This made Belarus a frontrunner in the race...
Gold Pulls Bitcoin Investors From BTC, Says Van Eck Associates CEO
In 2017-2018 bitcoin bit gold as bait for investors. However, the situation is expected to change in 2019 as investors already hope more for the gold than...