Former stockbroker Jordan Belfort, known as the “Wolf of Wall Street”, said “I told you so” about the recent decline in bitcoin prices He said that this is the beginning of the end, that is, this decline will continue. Belfort believes the market has “not crashed yet” and warns investors of an imminent failure where they could “lose all their money.”
Belfort went on to further explain his thoughts on blockchain technology. He said that while he believes in the blockchain and its usage requirements, he advises investors holding Bitcoin to “leave if you don’t want to lose all your money”. Belfort also referred to the Bank of International Settlement report released earlier this month:
“There are too many limitations for Bitcoin to be considered a medium of exchange that can replace money.”
“Bitcoin Always Rises With FUD”
Cryptocurrency market is often affected by FUD and there are some commentators who believe Belfort is trying to spread FUD among investors listening to him. Other commentators think that he is trying to stay on the agenda by sharing his views on one of the most debated issues in the world.
It is not the first time that Belfort has so openly criticized Bitcoin. In an interview last year, he said that cryptocurrencies are “fraud”. Belfort also doesn’t support ICOs, calling them “the biggest scam ever”.