The Wolf of Wall Street has made it crystal clear that he doesn’t see any future for Bitcoin and its thousands of cousins.
To make sure that we know and understand his position, Jordan Belfort recently took to Facebook (NASDAQ:FB) and reiterated his stance.
Here, we’ll go over some of his beefs about the space. Let us know if you agree or disagree.
I never owned it but…
The man who ripped off very many people in such a notorious fashion believes he’s a saving voice for crypto investors.
Even more interesting is his acknowledgment that he doesn’t even own Bitcoin. Then he gave the priceless prediction that it could go up or down. That’s one thing I think most people understand about any investment.
The Wolf did make some sense when it came to price predictions for Bitcoin, as what its bottom could be.
“If you think that $6,100 is close to the bottom, it’s not even close to the [expletive] bottom.”
As far as the lofty price predictions that are being bandied about, Belfort sees them as mere ploys. He pointed out those that range from $18,000 to $1 million, and he called them crazy. These so-called know-it-alls are simply spreading their false promises, according to the Wolf.
“Only way to get new suckers into this game to make unrealistic price predictions.”
Imminent demise
Belfort started out his Facebook diatribe by saying:
“I hate to say I told you so, so I won’t say it more than once. I told you that Bitcoin was going to be destroyed if it gets to $18,000 to $19,000. There will be great cryptocurrencies out there at some point in time, but it’s not Bitcoin.”
Here we go again
Belfort’s belief that Bitcoin has no place to go, and that it will eventually fall to zero is well known.
In our most recent coverage of Belfort’s crypto stance, we told you that the former stock broker thought Bitcoin’s future was bright, but only for the short term. Regardless, he said he did not believe the cryptocurrency stands a chance against market forces over the long term.
He’s doubled down on that kind of speak in this Facebook video. Seeming to relish in Bitcoin’s price fall, Belfort pointed out Bitcoin’s price failing to rebound to the levels seen in 2017.
He likened June’s hefty dips in Bitcoin’s price as a signal that Bitcoin is approaching its final days.’
If anyone can smell a crash, it’s me!
Belfort didn’t shy away from the circumstances that led to him being a convicted felon. You may recall him spending almost two years in prison after a jury in 1999 found him guilty of stock market manipulation and for running a boiler room.
Instead of shying away from his tawdry past, he used it to make his case against Bitcoin. He categorized Bitcoin’s perceived value as being based on the greater fool theory
”I know this better than anyone in the world. I’m not proud of that, but I do. I was the guy on the other side, so I know what’s going on, so this is the beginning of the end.”
Hating on the lovers
In his Facebook diatribe, Belfort spared no one dealing in cryptos. For example, he said HODLers should get out before the crash hits, which believes is inevitable.
“Everything is wrong about it. There are too many fundamental flaws in it. If you don’t want to lose all of your money, get out!”
Belfort said that when he originally bashed Bitcoin, he received hate mail, and that made him go incognito. However, now he said he wants to speak out more.
Then came the plug. He said he’s coming out with a new product soon.
That kinda makes one say, “hmmmm” about this Facebook video.
This article appeared first on Cryptovest
