Jordan Belfort, a former stockbroker known as the “Wolf of Wall Street,” admitted that his initial prediction that Bitcoin (BTC) would drop to zero was wrong.
During an interview with Yahoo Finance on August 27, Jordan Belfort said in a statement that his 2017 stance was due to his belief that the commodity was a scam, implying that Bitcoin had the characteristics of a fraudulent project.
“When I really hated crypto, I stand by everything I said about crypto back in 2017, except for one thing, I was incorrect about Bitcoin going to zero but I didn’t look closely enough because I said it was a scam because it just seemed so because it was in all earmarks,” said Belfort.
Additionally, Jordan Belfort added that he feels that as the popularity of cryptocurrencies grows, a government crackdown will take the asset to zero as it poses a threat. At the same time, he discussed how it was done. The 2018 crypto winter influenced his decision.
Interestingly, the former stockbroker said he changed his mind after realizing that Bitcoin has the characteristics of digital gold. In this regard, Belfort, an advocate of crypto regulation, added that as Bitcoin matures, it will most likely trade like a store of wealth and less like a growth stock.
Jordan Belfort Admits He Was Wrong About Bitcoin’s Forecast
Elsewhere, Belfort predicted that the growth trajectory of the crypto industry would be similar to the dot-com boom, with some digital currencies falling before rising again.
Although he believes that cryptocurrencies will stand out with great management and utility. Bitcoin and Ethereum (ETH) are likely to thrive in the long run.