Cryptocurrency 10 minutes ago (Jul 06, 2022 11:30AM ET)
© Reuters. Buy the Bitcoin dip, Wolf of Wall Street Jordan Belfort advises
While the general crypto market is currently struggling with extremely “fearful” sentiments, Jordan Belfort has admonished investors to view as a long-term prospect.
Belfort, who inspired the 2013 movie “The Wolf of Wall Street,” gave his forecast about Bitcoin in an interview with Yahoo Finance. He advised Bitcoin holders to be optimistic and hold their positions for at least 36 months, stating that the asset has a good chance of rising again within this period.
If you take a three or maybe five-year horizon, I would be shocked if you didn’t make money because the underlying fundamentals of Bitcoin are really strong.
Surprisingly, Belfort has not always been a Bitcoin advocate. In the past, he concurred with Bill Gates’ outlook that the asset is based on the Biggest Fool Theory, previously recommending that investors sell their positions before losing all their capital.
However, the flagship cryptocurrency won Belfort over during its last bullish cycle. He opined that Bitcoin would be a good store of value and also a perfect hedge against inflation. The New Yorker went on to predict that the cryptocurrency would reach $100,000 in 2021, a prediction that never came to pass.
Nevertheless, the Wolf of Wall Street is still rooting for the asset. On the flip side, Belfort warns investors to expect strong drops and periods of high price volatility in the coming years. He noted that Bitcoin is still a relatively new asset which makes it prone to suffer large price fluctuations and correlate with the stock market and other variable income investments.
Belfort highlighted some precautions that should be taken concerning other cryptocurrencies. He insists that many investors are “being massacred” due to the lack of care and research that ought to be done before investing in any project.
The renowned former stockbroker who previously caused controversy by claiming that the creators of the (SHIB) should be in jail also advised that only projects that prove to be useful should receive investments.