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Wolf of Wall Street Jordan Belfort Continues to Bash Bitcoin (BTC)

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Bitcoin

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.

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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

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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