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

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Bitcoin
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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

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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