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

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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

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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