Jordan Belfort, the self-proclaimed wolf of Wall Street, has reversed his bearish view on bitcoin and now predicts that the crypto asset could reach $100,000. Belfort, who has turned himself into a motivational speaker and consultant, says that unlike corporate stocks, bitcoin has more to do with supply and demand. He adds that the crypto asset is free from disruptions to actually print more of its own corporate currency.
Bitcoin differs fromstocks due to its stationary supply.
Belfort’s comments about bitcoin (BTC) came during an interview with Fortune, in which he gave his opinion on the recent Reddit-inspired surge in Gamestop shares. While some observers see Gamestop’s rally as another form of pump and dump, Belfort disagrees. Although he admits that traders collectively pumped these shares, he insists that there was no dumping.
Compared to equities, Belfort concludes that the firm delivery of crypto assets is an advantage over equities. A former trader says the company will continue to print shares if they sit around too long. However, the continued issuance of shares dilutes their value.
On the other hand, bitcoin has no problem with high prices tending to cause an increase in supply (that way), turning the rise into a collapse.
Belfort now bullish on bitcoin
When asked why he quit as a bitcoin supporter, Belfort again points to the firm supply of the crypto asset as his main advantage over corporate stocks. He adds:
New investors will continue to drive the price up, but the influx of new shares that causes the stock to rise may not happen.
In 2017, when crypto assets exceeded $19,000, Belfort, who spent nearly two years in prison for chasing down a $200 million retail investor, predicted that bitcoin would crash and burn forever. The former stockbroker argued at the time that regulators would correct the coins.
But after seeing cryptoassets set a new record, Belfort says he now believes these assets are here to stay, since the deadly regulatory onslaught hasn’t happened.
What do you think of Belfort’s change of position in favor of BTC? You can share your thoughts below in the comments section.
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frequently asked questions
Will bitcoin go to 100,000?
2021 Bitcoin Price Forecast As long as market sentiment remains risk averse and companies continue to embrace bitcoin, expect the value to rise. Mike Novogratz of Galaxy Digital told Bloomberg that he expects bitcoin to reach $100,000 by the end of the year.
Why did bitcoin go up so much today?
Bitcoin/US$ Exchange Rate 2016-21 One of the reasons for the huge rise in price is the large influx of investors from large institutions such as pension funds, university endowments and mutual funds.
Who is the richest bitcoin trader?
A new study by Crypto Traders has revealed that the top 10 cryptocurrency owners in the world have a net worth of over $1 billion. At the top of the list is Satoshi Nakamoto, the founder of bitcoin, who is said to own about 1 million bitcoins – although no one knows who he really is.
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