Jordan Belfort predicts Bitcoin “might go to $50,000” before ‘crashing’

Jordan Belfort

‘Wolf of Wall Street’ Jordan Belfort has once again returned his attention to cryptocurrency in a new interview with Patrick Bet-David, wherein the investor has staked a new claim on where Bitcoin could head in the immediate future.

Speaking on Bitcoin in the wider context of present cryptocurrency markets, Belfort elaborated that while he doesn’t view Bitcoin as a scam, he instead views the digital currency as the ‘creation of financial anarchists’, and that Bitcoin itself is a “perfect storm for manipulation”.

Belfort offered that while he views Bitcoin as a “wolf in sheep’s clothing”, he can envision the cryptocurrency reaching values of $50,000 USD before falling to values little far north of zero.

Manipulation

Speaking on manipulation in cryptocurrency markets, Belfort cited the example of Olaf Carlson-Wee – an early Bitcoin investor who, after purchasing Bitcoin Cash, quipped in a televised interview that the latter cryptocurrency was the future. Accordingly, Bitcoin Cash’s values soared close to the $2,000 USD mark shortly thereafter.

Despite the fact that he has admittedly not invested ‘a penny’ in cryptocurrency, Belfort is no stranger to commentating on the movements on cryptocurrency markets. In September of 2017, Belfort offered his view that Bitcoin was essentially problematic due to the ease with which hackers could siphon funds.

In October of the same year, the investor then proceeded to describe Initial Coin Offerings as one of the ‘biggest scams ever’.

Freefall

Belfort’s comments come at a time where the wider cryptocurrency market sits in bloodbath, with Bitcoin’s values touching lows of just $8,000 USD. The digital currency previously hit all-time-high records with values just south of $20,000 in December last year.

At the time of writing, Bitcoin’s market cap is facing a $133 billion USD loss from its previous high of $296 billion USD on January 5th.

Have your say!

What do you make of Belfort’s comments? Could the ‘Wolf of Wall Street’ be proven right, or wrong? Let us know your view on Twitter – @coininsidercom!

Follow Bryan Smith on Twitter: @bryansmithSA

Related Articles

Expansion: Coinbase will be launching in the Netherlands

As part of its global expansion, Coinbase has announced that it has been granted regulatory approval from the Netherlands' national bank.

Is Bitcoin better than retail estate as an investment?

According to MicroStrategy CEO Michael Saylor, Bitcoin presents a much better long-term asset than property.

Ethereum Merge proves a more efficient crypto industry

While Ethereum Merge might be cutting down on energy consumption, the chair of the US CFTC argues the industry still needs to be doing more.

The Russian Prime Minister urges crypto regulation

The Russian Prime Minister has instructed the government to regulate the cryptocurrency space by the end of the year.

See All