Jordan Belfort, known as the Wolf of Wall Street, has admitted that his initial projection of Bitcoin going to zero was “wrong”. He said that in 2017 he had regarded the popular cryptocurrency as a scam and had seen it as property of a fraudulent project.
In an interview with Yahoo Finance, Belfort said he had really hated crypto at the time. He said he stands by everything he said about crypto in 2017 except for one thing – the analyst admitted he was wrong about Bitcoin going to zero. He highlighted that he look closely enough because he just took it as a scam. Belfort reasoned that it had all the ear markings of that.
But following the growth of cryptocurrencies, the Wolf of Wall Street thought a regulatory crackdown would push the digital asset to zero as it posed a threat. Belfort said that when cryptocurrency crashed and went down to $3,000, it was still very much a multi-billion dollar market. He outlined that when things crash, they go somewhat like Terra (LUNA). And that’s what made him look closely. The analyst said his initial thesis was a sovereign risk that the United States would just describe as what China did. He pointed out that it drove him to be really bearish on Bitcoin.
The former stockbroker took more interest in Bitcoin. He saw that it harbored qualities of digital gold. And this made him change his mind. Belfort now believes that BTC will trade like a store of value like a growth stock.