Jordan Belfort, the previous stockbroker often called “The Wolf of Wall Road,” defined why he modified his view on Bitcoin BTC/USD and the broader cryptocurrency market.
What Occurred: In a latest interview with Yahoo Finance, Belfort stated that he nonetheless stands by every little thing he stated about cryptocurrency in 2017 – aside from one factor.
“I used to be unsuitable about Bitcoin going to zero, however I didn’t look carefully sufficient,” he stated.
“I simply stated it’s a rip-off as a result of it simply appeared like that due to all of the ear markings of that. What turned me, was slowly however certainly, when it [Bitcoin] crashed and it went right down to $3,000, it was nonetheless a multi-billion greenback market.”
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The truth that Bitcoin didn’t see its market cap utterly evaporate, like Terra LUNA/USD, made Belfort pay nearer consideration to the market-leading digital asset.
It was at this level that Belfort’s good friend, an early cryptocurrency adopter, introduced the “digital gold” narrative for Bitcoin to his consideration.
At first, Belfort stated he was skeptical in regards to the asset being regulated in the identical means conventional monetary markets are, however was later satisfied when he seen Bitcoin “making sufficient inroads” to earn the belief of U.S. senators and mainstream establishments.
After this, Belfort seen the chance of Bitcoin being banned as “just about over.”
“They’ll regulate, they’ll tax it, however I feel that’s a very good factor,” he stated.
In the long term, he stated he’s most optimistic about Bitcoin and Ethereum’s ETH/USD value appreciation.
Value Motion: At press time, BTC was buying and selling at $19,660, down 1.9% during the last 24 hours and ETH was buying and selling at $1,436, down 4.19%, as per information from Benzinga Pro.