Jordan Belfort, also known as the Wolf of Wall Street, continues to speak against Bitcoin (BTC) and altcoins, this time on Facebook. He believes that Bitcoin’s death is about to come and that all signs indicate that the crypto era will end soon.
Wolf of Wall Street vs Bitcoin
Cryptocurrencies have had a lot of ups and downs throughout the last decade, but the situation was never as bad as it is now. Right, when cryptocurrencies became big and popular, the market became very crypto-unfriendly, and they have struggled to reach stability ever since. According to Jordan Belfort, also known as the Wolf of Wall Street, this is no accident or coincidence.
Belfort did not exactly hide his negative opinion and skepticism of cryptocurrencies and has spoken against them, primarily Bitcoin, on several occasions. He did so again quite recently, this time on Facebook, where he confirmed his stance once again.
What’s more, he predicts that Bitcoin will soon completely die out and that the time of cryptos may come to an end. According to his claims, this will happen because the crypto market is about to “run out of fools”, which is a nod to the “greater fools theory” that he mentioned later in the statement. According to the theory, the high price of securities is justified by buyers because they believe that someone else will pay even more to get them.
Bitcoin will crash and burn
Belfort then compared the current situation with the economic crisis that hit the world in 2008. Still, he openly admits that he never owned crypts and that he doesn’t plan to do so now, or ever. At some point, he claimed to have had real hope for Bitcoin and cryptos that are to serve as digital currencies. However, many of them pushed that to the second place on their priority list. Now, the prices are going extremely high only to drop extremely low.
According to him, such high prices are there to attract new and inexperienced investors who would then invest in cryptos, only to lose all of their money once the market drops again. He believes that Bitcoin’s price that went up to $20,000 at the end of 2017 confirms this and that the market is about to crash like never before. The result will be Bitcoin and other cryptos reaching $0, and staying there.
There is no denying the fact that Belfort is an experienced and capable investor, and he did not earn the nickname ‘Wolf of Wall Street’ by accident. In fact, many crypto enthusiasts are quick to remind everyone that the other thing Belfort is known for is misleading investors for his own benefit. He even went to jail for that exact reason, so not everything that he says should be taken as true.
Of course, the fact is that Belfort is not the only one who believes that cryptos do not have any real value or potential. There are many successful people and even experts who believe so as well. Alibaba’s Jack Ma and Microsoft’s Bill Gates are only two of the many who think the same as Belfort. Interesting thing is that all of them, the Wolf of Wall Street included, believe that the blockchain technology actually does have a future, despite the fact that it is closely connected to cryptocurrencies.
The truth is that cryptos were capable of holding their own for almost a decade now. There have been plenty of opportunities to kill of Bitcoin, but Bitcoin is still around and HODLing its own at prices above $6k.
For the latest cryptocurrency news, join our Telegram!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Craig Duffy via Flickr
How Can Foreigners Get Loans in Singapore
Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.
At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary.
What defines a foreigner in Singapore?
A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also…
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…